Massive LNG project in northern BC reportedly given the go-ahead

LNG Canada, to be built in the northern community of Kitimat, British Columbia, also marks the largest private-sector investment project in Canadian history, Prime Minister Justin Trudeau said at a Vancouver news conference.

The project marks a turning point for Canada and the global gas industry.

Essentially, the project by LNG Canada is to improve Canada's resources for liquefied natural gas by carving out a new route to Asia.

With a terminal on Canada's pacific coast, BC LNG will be able to be shipped to energy hungry markets in Tokyo or Shanghai within 10 days.

Opposition Liberal Leader Andrew Wilkinson, former Liberal energy minister Rich Coleman and Skeena Liberal MLA Ellis Ross, a former Haisla Nation chief and early LNG backer in Kitimat, were present at the signing ceremony with Horgan, Prime Minister Justin Trudeau and representatives from the five worldwide energy giants behind the LNG Canada project. "We believe that that pattern will continue going into 2020s".

The David Suzuki Foundation said its research has found that methane emissions from B.C.'s oil and gas industry are "vastly under-reported". A total of $40 billion CAD will be invested in the project over the next several years. TransCanada will seek financing and joint venture partners for the pipeline, which is slated to begin service in 2023.

It is expected to supply 26m tons of LNG exported annually to Asian markets. The investment case largely rests on the assumption that China will replace much of its coal use with natural gas in attempts to clear pollution and reduce carbon emissions. Shell is predicting LNG demand will double by 2035.

The prospect of billions of dollars in liquefied natural gas revenues has British Columbia's government preparing for a political and environmental juggling act as Premier John Horgan attempts to hold together his minority government while appeasing ever watchful climate guardians. Prices have been lower than that for the vast majority of the past four years, but Uhl suggested there would be a "supply gap" opening up around the time the project starts selling fuel that will raise prices.

Duchess Kate makes first solo outing after birth of third child
She spent the day with a group of children taking part in a number of activities, including making crowns out of paper and leaves. As for the sweater and raincoat, it's possible they're new but the whole look resembles this outfit from a 2017 visit to a farm.

Antonio Valencia sorry for liking Jose Mourinho sacking post
United play Newcastle on Saturday at Old Trafford in the final round of Premier League fixtures before the worldwide break. Fans, experts and critics are calling for Jose Mourinho's head after a run of bad results.

After days of restraint, Trump mocks Kavanaugh accuser
Deborah Ramirez, who said Mr Kavanaugh exposed himself to her at a party, is also understood to have now been interviewed. A lawyer for Mr Judge, who has denied any wrongdoing, declined to say when the interview finished or what he was asked.

Prime Minister Justin Trudeau says the announcement represents the single largest private sector investment project in Canadian history.

The joint venture claims the cost to deliver LNG from its project to Asia would be structurally advantaged compared to a greenfield development on the US Gulf coast.

It also helps reaffirm Canada's investment climate, battered by the bungled expansion of the Trans Mountain oil pipeline, which was sold by Kinder Morgan the government for C$4.5 billion before its approval was quashed by a federal court. Plant's estimated construction cost at $1,000 per ton of LNG.

The initial two-train development will have the capacity for 14 million tonnes of LNG per annum and a further two trains could potentially be added in subsequent development phases.

Bloomberg said this latest approval marks the end of a seven-year effort, including two postponements in 2016 at the depths of the downturn.

Wetselaar said global demand for LNG has grown 9 per cent in the past year alone and the LNG the project will produce is half as emission-intensive as coal, a power source which Asian countries are trying to replace with LNG.

The project was approved by all its stakeholders - Shell, Malaysia's Petroliam Nasional Bhd (Petronas), PetroChina Co Ltd, Korea Gas Corp (KOGAS) and Japan's Mitsubishi Corp.

Jenny Peng is a Vancouver-based reporter covering business. All comments are subject to editorial review.



Latest news

Amazon introduces Fire TV Stick 4K with Alexa Voice Remote in India
It's the newest update to its best-selling Fire TV stick and, according to the company, 80 percent more powerful. To work with the latter, Amazon has added a volume rocker, a mute button and a power button.

Here is Chiefs quarterback Patrick Mahomes’ left-handed throw against Denver
Each scored a touchdown and Freeman eluded seven defenders and dragged a linebacker into the end zone on his 14-yard score. It was the first time since 2004 that the team dropped a home game in which it led by double digits in the fourth quarter.

Amitabh Bachchan: Krishna Raj Kapoor kept vast family of celebrated individuals together
Although she used to be in and out of the hospital owing to age-related issues since the past few years, we never saw this coming. After Raj Kapoor's death in 1988, she held the entire family together and was exclusively responsible for her five kids.

Donald Trump mocks Brett Kavanaugh accuser he had called credible witness
The White House rebutted these claims with statements from two former Yale classmates of Judge Kavanaugh. But Mr Trump also questioned why investigators needed to examine Mr Kavanaugh's high school record.

Jon Lester has very candid response to Cubs wild-card game loss
Lester is no stranger to October baseball, as he's set to make his 22nd postseason start and his second in the Wild Card game. They squandered a dominant start by Jon Lester , got shut down by Kyle Freeland and wasted several big scoring opportunities.

4 arrested for series of Los Angeles celebrity burglaries
In 2017, singer Alanis Morissette had $2 million (£1.54m) in jewellery and valuables stolen from her mansion in Brentwood, LA. Charges were not immediately filed against the other three suspects who remain in jail, according to the AP.

A Very Tarnished Court
And the rally in Southaven, Miss., on Tuesday night, Trump went further. "I could tell you things about everyone one of them". As Republicans fight headwinds ahead of the November 6 midterm election, Trump sought to rally his supporters behind GOP Sen.

Oil Falls but Stays Near Four-year Highs
Global benchmark Brent crude oil futures LCOc1 were at $85.28 per barrel, up 30 cents, or 0.4 percent, from their last close. WTI for November delivery traded at $73.55 a barrel on the New York Mercantile Exchange, up 30 cents.

Iwobi Shines off the bench for Arsenal in 7th Straight Win
Emery called on the pre-season signing from Bayer Leverkusen to seize his chance, saying: "I'm very happy with Leno". However, the new management structure at Arsenal means Emery has little say when it comes to contract negotiations.

Players Are in Love With Spider-Man PS4's Photo Mode
Schultz replied back , saying that since they'd been together five years "I think she'll still be around in September lol". Since Tyler asked Insomniac to put the message into the game, he and his partner have since split in a dramatic fashion.

Misfiring Real Madrid stumble again, Juventus win without Cristiano Ronaldo
At the time the report was taken, the victim did not provide detectives with the location of the incident or suspect description. The lawsuit said Mayorga also went to a hospital, where a sexual assault medical examination was conducted.

Boris Johnson addresses fringe event at Conservative Party conference
Mr Johnson used his appearance on Tuesday to make the case for greater economic freedom after Brexit and lower taxes. It is risky and unstable - politically and economically, ' he said.

‘Very scary time’ for young American men, says Trump
While Kavanaugh was not "perfect with respect to alcohol", Trump said he knew opposition Democrat senators who are not "angels". Mr Trump said it was a "very scary situation " to be "guilty until proven innocent".

Molitor out as Twins manager
Paul Molitor won't return as manager of the Minnesota Twins next season, the team announced on Tuesday. The Minnesota Twins have fired Paul Molitor .

FEMA To Send National 'Presidential Alert' Test Message Wednesday
The message will have an audible tone, and the text will read, "THIS IS A TEST of the National Wireless Emergency Alert System". The test, according to FEMA , is meant to asses the readiness of the country's alert systems and is scheduled for 2:18 p.m.

Other news