News release: LNG Canada's Final Investment Decision a monumental win for British Columbia
For Immediate Release
October 2, 2018
VANCOUVER, B.C. — The Greater Vancouver Board of Trade is thrilled to learn of the historic announcement that LNG Canada will invest $40 billion to build the world’s cleanest LNG facility in Kitimat, British Columbia.
Late last night, LNG Canada announced that its joint venture participants — including Shell, PETRONAS, PetroChina, Mitsubishi Corporation and KOGAS — had reached a Final Investment Decision on the megaproject, which will be the single largest private-sector investment project in Canadian history.
“This $40-billion decision by LNG Canada is monumental for British Columbia,” said Hon. Iain Black, President and CEO of the Greater Vancouver Board of Trade. “The investment is unprecedented in scope and will strengthen the bedrock of our provincial and national economies, creating jobs for British Columbians while developing our natural resources in a clean and sustainable way.”
With the capacity to eventually produce as much as 26 million tonnes of liquefied natural gas each year, primarily for export to Asia, the LNG Canada facility will be the largest new terminal to be announced in years. At its peak, the project could create upwards of 7,500 construction jobs and 800 operational jobs, which has the potential to transform lives in rural areas of B.C. and create economic prosperity in Indigenous and local communities.
In addition, the decision also gives a new lease on life for British Columbia’s vast upstream natural gas resources in the northeast, laying the foundation for industry revitalization in the years ahead.
“The implications of today’s decision for British Columbia’s reputation as an attractive jurisdiction to invest and build major projects will be profound,” said Black. “There will be substantial economic benefits for Indigenous partners and B.C. businesses — including those in Greater Vancouver — who will have opportunities in the construction and ongoing operations phases. This is a big win for British Columbians around the province.”
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About the Greater Vancouver Board of Trade:
Since its inception in 1887, the Greater Vancouver Board of Trade has been recognized as Pacific Canada’s leading business association, engaging members to impact public policy at all levels of government and to succeed and prosper in the global economy. With a Membership whose employees comprise one-third of B.C.’s workforce, we are the largest business association between Victoria and Toronto. We leverage this collective strength, facilitating networking opportunities, and providing professional development through four unique Signature Programs. In addition, we operate one of the largest events programs in the country, providing a platform for national and international thought leaders to enlighten B.C.’s business leaders.
Contact info:
Greg Hoekstra
Communications Manager
Greater Vancouver Board of Trade
604-640-5450 | media@boardoftrade.com