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LNG Project Agreements Act passes in B.C. Legislature

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DH Vancouver Staff Jul 22, 2015 9:32 am

The Liquified Natural Gas Project Agreements Act passed in the B.C. legislature Tuesday afternoon. The controversial bill is being heralded by Premier Christy Clark as an economic stimulator.

“Liquefied natural gas represents an extraordinary opportunity for people throughout the province,” she said in a statement.

“This legislation sets the stage for building a clean, competitive new industry that gives British Columbians a fair share of the benefits – thousands of jobs, new connections for small and medium businesses, and new revenue to benefit B.C. for years to come.”

The Liberal government claims the project will create around 4,500 jobs and will be the largest private sector capital investment in the province’s history at $36 billion.

“British Columbians own this resource and we have ensured a fair return for current and future generations who will benefit significantly,” said Finance Minister Michael de Jong.

The Green Party and NDP voted against the bill. In Green Party MLA Andrew Weaver’s speech at the legislature, he said it will not be as economically viable as the Liberals claim it will be because of global competition.

“As I’ve been pointing out for almost three years now, there is a global market oversupply, and we are latecomers to the game. Today the LNG East Asia index is trading July 2016 delivery contracts at $7.35 per million Btu. August 2015 contracts are even lower — $7.25 per million Btu. It’s more than a 50 percent drop from just three years ago, but it’s not going to end there.”

Alternative sources of energy are something people are looking into more. Calgary Buzz recently did a story on harnessing the power of the sun efficiently enough to heat your home and power your vehicle.

To read the Liberal’s full statement, click here.


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DH Vancouver Staff
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