Woodfibre LNG and Province sign letter of intent

British Columbia Premier Christy Clark and Woodfibre LNG Lead Director, Imelda Tanoto, signed a letter of intent on May 7th to further the growth of liquefied natural gas (LNG) in the province.

“Woodfibre LNG is moving forward with their proposal because they understand the scope of the opportunity in British Columbia,” said Clark. “We are building a competitive new export industry in our province, one that will create unprecedented prosperity and jobs for decades.”

Tanoto added that, Woodfibre LNG is advancing rapidly towards reaching a final decision on the construction of the project. “Reaching this agreement with Premier Christy Clark is a strong signal to our company that the government of British Columbia is committed to the success and viability of the LNG sector.”

The Letter of Intent reflects the commitment of the Province and Woodfibre LNG to enter into negotiations regarding a project development agreement to secure mutual interests. Woodfibre LNG is proposing the construction of a small-scale LNG processing and export facility at the industrial site of Western Forest Product’s former pulp mill near Squamish.

“This initiative is another example of our commitment to ensure BC’s natural gas supports a growing economy and creates long-term jobs,” said Rich Coleman, Minister of Natural Gas Development.

The Province has requested that Woodfibre LNG continue to advance their intention to build an export facility in BC and work towards a final investment decision for the project.

Both parties have agreed to assign senior executives to prepare terms of reference for a project development agreement by June 30, 2014, to be negotiated by Nov. 30, 2014.

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