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

Three incumbent councillors re-elected in Houston

Houston mayor and director of Electoral Area G re-elected by acclamation

Incumbents and acclaimed mayors win elections all across B.C.’s north

Fraser Lake saw their first female mayor elected

Mayoral results from across B.C.

Voters in 162 municipalities in B.C. set to elect mayor, council, school board and more

Six cattle killed on Hungry Hill

After a brief closure Friday the highway is now open to traffic.

Every vote counts: 10 tightest races in B.C.’s municipal elections

Peachland saw their election decided by just one vote

B.C. sailor surprised by humpback whale playing under her boat

Jodi Klahm-Kozicki said the experience was ‘magical’ near Denman Island

WWE star Roman Reigns announces he has leukemia

Grappler formerly played in CFL

China opens mega-bridge linking Hong Kong to mainland

The $20 billion bridge took almost a decade to build while incurring major delays and cost overruns

Dangerous Cat 4 Hurricane Willa closing in on Mexico coast

Officials said 7,000 to 8,000 people were being evacuated from low-lying areas, mostly in Sinaloa state

Excessive speed named as cause of Taiwan train derailment

18 people were killed and at least 170 more were injured

Ovechkin has 4 points as Caps rough up Canucks 5-2

WATCH: Defending champs pick up impressive win in Vancouver

B.C. government moves to tighten resource industry regulations

New superintendent will oversee engineers, biologists, foresters

Election watchdog seeks digitally savvy specialists to zero in on threats

Move follows troublesome evidence of online Russian interference in the 2016 U.S. election

Most Read