Provincial government officials including Finance Minister Michael de Jong are in Malaysia as they are in the middle of a trip to review the progress made in making Pacific NorthWest LNG a reality. Last week on July 21 the Liquefied Natural Gas Project Agreements Act was passed, and two days later the government ratified the Pacific NorthWest LNG project agreements.
If the project goes forward it’s estimated Pacific NorthWest LNG’s investment in the project will be in the neighbourhood of $36 billion as an LNG plant would be built on Lelu Island near Prince Rupert. 4,500 jobs are expected to be created during peak construction, and hundreds of long term operational and spin off jobs are also anticipated on being created.
In a release de Jong said, “Now that the Province has met its obligations, we are an important step closer to the company’s final investment decision and the start of an LNG industry in B.C. We will keep moving forward to make this incredible opportunity a reality so we can build our economic portfolio, and create jobs and opportunities for British Columbians now and in the future.”
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The project is estimated to bring in $8.6 billion in additional revenue by 2030 by way of taxes and royalties.