Petronas group applies for LNG export licence for its proposed B.C. project

VICTORIA – Plans by Malaysian national oil company Petronas to export liquefied natural gas from northern British Columbia to Asia moved forward today with the company submitting an export application with Canada’s National Energy Board.

Pacific NorthWest LNG, backed by a 90-per-cent interest by Petronas, says the company wants to export liquefied natural gas from a proposed export facility at Port Edward, near Prince Rupert.

Pacific NorthWest president Greg Kist says in a statement that the proposed facility represents an investment of $9 billion to $11 billion and will create up to 3,500 direct jobs during construction.

He says the company will not make its final investment decision until next year, but it goes ahead Pacific NorthWest plans to start exporting LNG by 2019.

So far, the NEB has issued three LNG export permits for other B.C. proposals, and is reviewing two others, not including the recent Pacific NorthWest LNG application.

B.C. Premier Christy Clark has said LNG developments have the potential to transform the province’s economy, producing revenues that could ultimately help wipe out the province’s debt, pegged at about $62 billion.