LNG Canada to relaunch its $40 mn project
“The single largest private sector investment in Canadian history” will create $22 billion in revenues over the next 40 years. Royal Dutch Shell, Mitsubishi, Petronas, PetroChina and Korean Gas took the decision on last Tuesday to build the LNG export facility in Kimimat, British Columbia. The project was initially planned for 2016 but the joint venture decided to postpone it indefinitely due to the instability of the natural gas market. The recent drop in the price of natural gas encouraged the five companies to bring the project back to life. Each partner will be responsible for providing its own natural gas supply as well as for marketing its own share of LNG. The export facility is expected to be fully running within 5 years, reports CBC News. A new 600 kms pipeline will deliver the gas natural from North (Dawson Creek) down to South (Kikimat), where the gas will be liquefied, will also be set up. Birtish Columbia is projecting about $23 billion in public revenue over the next 40 years. “It is a vote of confidence in a country that recognizes the need to develop our energy in a way that takes the environment into account, and that works in meaningful partnership with Indigenous people”, Prime Minister Justin Trudeau said.