The B.C. government has signed a project development agreement with their first potential investor in liquified natural gas.
A memorandum of understanding has been signed with the Pacific Northwest LNG joint venture led by Malaysia’s Petronas.
It sets out the pathway towards ratification of the deal later this year including taxes and royalties.
B.C. officials have estimated they’ll bring in nearly $8 billion from this deal over the 23 year contract.
A final investment decision is expected possibly by next month.
First Nations have rejected a $1 billion cash offer over 40 years for the project which will be built in Northwest B.C. near Prince Rupert. They says important fish habitat will be affected.
*Picture – Premier Christy Clark signs MOU with Michael Culbert, President of Pacific
Northwest LNG