A consortium backed by Malaysian energy giant Petronas has given its conditional approval to its Pacific Northwest LNG proposal albeit with two conditions.
It wants approval of the Project Development Agreement by the BC Government and for a positive outcome from a federal environmental assessment.
Natural Gas minister Rich Coleman was asked if the legislature will be reconvened this summer to sign off on the Petronas proposal.
“That was always the intention if we got to this point. The house leader will meet with the Premier and probably cabinet early next week and decide what dates but Yes.”
Coleman says the Petronas LNG proposal is now almost a done deal.
“95 to 99% because the biggest piece of this was if this financially makes sense and whether they have approved a financial model, which they have. So if those two last conditions are done then we have a final investment decision because all of the commercial pieces of the project and all of those things are in place and are completed. So they are in a position to go ahead with this project. Once we get the legislation done and once we get to a final certificate from the Canadian environmental assessment.”
That said COleman admits there is still more work to be done even when the two conditions from Petronas are met.
“And then it would mean about a $12 to $15-billion investment in a plant and then probably another $7-billion in a pipeline, which is all across the North.”
As for First Nation opposition.
“We have had very good progress with First Nations. The one First Nations community in the last ten days to two weeks. Most of the First Nations across the rest of this piece have already signed on to pipeline benefits agreements.”
But not all of them are happy the Lax Kw’alaams and Blueberry River First Nations both oppose the project.
Federal Natural Resource minister Greg Rickford released a statement over the decision it is below.