Pacific NorthWest LNG announces positive, conditional, final investment decision

Pacific NorthWest LNG announced today a positive final investment decision for its Lelu Island terminal, subject to two conditions.

Pacific NorthWest LNG announced today a positive final investment decision for its $11-billion Lelu Island terminal, located in Port Edward near Prince Rupert, subject to two conditions.

The conditions for the company are approval of the Project Development Agreement by the Legislature and regulatory approval from the Canadian Environmental Assessment Agency.

“In parallel with work to support the final investment decision, Pacific NorthWest LNG will continue constructive engagement with area First Nations, local communities, stakeholders and regulators. The integrated project is poised to create thousands of construction and operational careers in the midst of the current energy sector slowdown,” said Michael Culbert, president of Pacific NorthWest LNG.

“A final investment decision is a crucial step to ensure that the project stays on track to service contracted LNG customers. Pacific NorthWest LNG is poised to make a substantial investment that will benefit Canada for generations to come.”

Natural Gas Development Minister Rich Coleman said the announcement today shows the work the province has done to develop the industry in the province has been effective. However, he acknowledged there is still more that needs to be done before the shovels hit the ground.

“We recognize there is work to do, including an environmental assessment by the Government of Canada, as well as engagement with First Nations. The Province of British Columbia will continue to work with all partners to ensure the project is developed with the highest standards of environmental protection and enhancement,” he said.

“Developing an LNG industry will result in some of the largest private-sector investments in British Columbia’s history, stimulating economic activity throughout our province like never before. Pacific NorthWest LNG is poised to be the first major operation in this new, exciting future.”

News of the decision was welcomed by a very happy Port Edward Mayor Dave MacDonald.

“We’re excited that we have reached another level in the negotiations and hope the company can come to a positive final investment decision soon,” he said.

“This is another exciting day for Port Edward.”

The Prince Rupert Port Authority, which includes Lelu Island, said it this conditional decision sends a strong message about Prince Rupert as a gateway to Asia.

“This conditional final investment decision is an important step in validating Pacific NorthWest LNG’s project at the Port of Prince Rupert and the Prince Rupert Port Authority will continue to work with the company throughout the ongoing federal environmental assessment,” said corporate communications manager Michael Gurney.

“With the potential addition of Pacific NorthWest LNG, it would be another terminal to further diversify cargo moving through Prince Rupert and benefit the communities surrounding the Port of Prince Rupert.”

The Final Investment Decision will be confirmed by the partners of Pacific NorthWest LNG once the two outstanding foundational conditions have been resolved. Should the project proceed, up to 4,500 jobs will be created at the peak of construction, plus 330 new long-term careers operating the facility in the community and up to 330 long-term careers in the North Coast region.

Look for more on this story as it becomes available.

Just Posted

Qualicum Beach cinema group reaches fundraising goal

Organization wants to see a multi-use cinema in town

Man taken to hospital after driving off road in Qualicum Beach

51-year-old man from Port Alberni struck parked vehicle

City of Parksville rejected sharps disposal containers from Island Health

Mayor says cost of maintaining boxes too much for city

Parksville hopes ‘cookies and carols’ become annual holiday tradition

Free, all-ages community event set for next month

Man, 50, dies following incident in downtown Parksville

Teenage girl hailed as hero for intervening after witnessing situation unfold

Cold, stormy winter forecast across much of Canada, The Weather Network predicts

In British Columbia temperatures will be slightly above normal and precipitation will be just below normal

UPDATED: Vancouver Island’s Joe gets suspended sentence in Teddy the dog cruelty case

Melissa Tooshley expected in court on Thursday in same case

Nineteen boats carrying invasive mussels stopped at B.C. borders

Waters of Columbia-Shuswap still test mussel-free

Midget no more: Sweeping division name changes coming to minor hockey in Canada

Alpha-numeric division names will be used for the 2020-2021 season and beyond

Woman ‘horrified’ after being told to trek 200 kilometres home from Kamloops hospital

‘I can’t get from Kamloops back to 100 Mile House injured, confused… no shoes, no clothes whatsoever’

Canadian universities encourage exchange students in Hong Kong to head home

UBC said 11 of its 32 students completing programs in Hong Kong have already left

B.C. petition calls for seat belts in new school buses

Agassiz bus driver collects 124,000 signatures in support

B.C. pushes for greater industry ‘transparency’ in gasoline pricing

Legislation responds to fuel price gap of up to 13 cents

Most Read