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B.C., Petronas Sign Deal Toward Proposed LNG Project In Province's Northwest

Darpan News Desk The Canadian Press, 20 May, 2015 11:06 AM

VANCOUVER — The British Columbia government and Malaysian energy giant Petronas have signed an agreement towards a $36-billion liquefied natural gas project near Prince Rupert.

Premier Christy Clark announced the deal, which is a memorandum of understanding outlining steps towards a deal but is not a final investment decision by the company.

Petronas-controlled Pacific NorthWest LNG is proposing to build an LNG export facility at Lelu Island.

The project would be the largest capital investment in B.C.'s history.

Government officials say the proposal includes long-term royalty agreements that bring revenue minimums to the province and rate stability to Petronas.

The royalty rates, which are pre set annually, start at just above six per cent and rise to a maximum of 13.36 per cent, bringing an estimated $7.7 billion in revenue to the province over the 23 years of the proposed project.

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