This news is classified in: Traditional Energy Oil and Gas Natural Gas & LNG
Jul 24, 2015
Victor N. Bryant, CEO/President comments:
"On Tuesday, July 21, 2015 at 5:40 pm the Government of British Columbia enacted Bill 30 - 'Liquefied Natural Gas Project Agreements Act'. The bill has now received Royal Assent. On behalf of the Board of Directors and myself we commend B.C. Premier Christy Clark; B.C. Natural Gas Development Minister, Rich Coleman; and B.C. Finance Minister, Mike de Jong; on a fabulous truly historic effort in enabling British Columbia's, LNG industry."
In the News:
B.C. Premier, Christy Clark, said: "Liquefied natural gas represents an extraordinary opportunity for people throughout the province […] This legislation sets the stage for building a clean, competitive new industry that gives British Columbians a fair share of the benefits -- thousands of jobs, new connections for small and medium businesses, and new revenue to benefit B.C. for years to come. The bill should clear the way for the 36-billion- dollar Pacific Northwest LNG project at Port Edward's Lelu Island, "and for all that there is yet to do, we're well on our way! We're not there yet, but let's celebrate -- let's celebrate this milestone in British Columbia's history."
B.C.'s Finance Minister, Michael de Jong, said: "British Columbians own this resource and we have ensured a fair return for current and future generations who will benefit significantly […] LNG project proposals are the largest private sector investments the province has ever seen. With this legislation we have provided assurance for those seeking to make investments that the tax and royalty structure they operate under will be stable."
"LNG is a generational opportunity that is already creating jobs and training opportunities, and promises new revenue for British Columbians," said Natural Gas Development Minister Rich Coleman. "We are creating a better future and a better British Columbia for our children and grandchildren. That's something we can all be proud of."
Petronas issues Press release July 23, 2015
"On Tuesday July 21, 2015 the government of British Columbia, announced the approval of Bill 30 - The Liquefied Natural Gas Project Agreements Act, satisfying one of the conditions of the Pacific NorthWest LNG - Final Investment Decision that was announced last month. The successful passage of our Project
Development Agreement in the B.C. Legislature brings us one step closer to building Canada's first world-scale LNG Facility. The remaining condition of our Final Investment Decision, environmental approval from the Government of Canada, is being worked on diligently with First Nations, stakeholders and government representatives."
Victor N. Bryant further comments: "The passing of Bill 30 will protect Pacific Northwest LNG from tax increases over 25 years, in the process creating around 4,500 jobs and bringing in revenues of approximately $9 billion."
