NEWS RELEASE. Province opens doors to Asian investment in LNG

Transcription

1 For Immediate Release 2014PREM April 30, 2014 NEWS RELEASE Province opens doors to Asian investment in LNG VICTORIA Today, Premier Christy Clark announced she will lead her fifth international trade mission. Along with Minister of Natural Gas Development Rich Coleman and industry delegates, she will travel to Malaysia, Singapore, and Hong Kong to promote the development of British Columbia s liquefied natural gas (LNG) industry from May 2 to May 9. B.C. is on the right path to bring home the generational opportunity of LNG an industry that will create 100,000 jobs and enough revenue to eliminate our debt, said Premier Clark. To take the last crucial steps towards final investment decisions, we re meeting with key Asian investors and governments. In addition to expanding trade and investment opportunities between B.C. and these important markets, Premier Clark will reinforce the Province s commitment to building positive business relationships with companies, government officials, and other industry partners interested in helping to develop B.C. s LNG potential. Our Province continues to strengthen relationships with international stakeholders to facilitate LNG growth, said Rich Coleman, Minister of Natural Gas Development. By supporting the development of this new export industry, we are creating unprecedented economic opportunities for the people of British Columbia. The Premier and Minister Coleman will meet with key companies moving forward with LNG proposals in B.C. The meetings are an opportunity to reinforce the province s competitive advantages to new investors, and commitment to deliver clean, reliable energy solutions to the growing economies of Asia. Trade missions are a critical part of British Columbia s strategy to diversify its international trading partners and secure new investment, propelling economic activity and job creation throughout the province. Quick Facts: Ministry of International Trade There are currently 13 proposed LNG projects in B.C., eight of which already have approved export licences from the National Energy Board. Based on a scenario with five LNG plants constructed between , the LNG sector has the potential for $175 billion in industry investment over the next decade. LNG export operations in B.C. could support up to 100,000 new jobs in British Columbia and new revenues for government to support a debt-free future. Companies have invested more than $7 billion in B.C. to acquire upstream natural-gas assets and secure the development of pipelines and LNG plants in B.C. PETRONAS is a national petroleum resource company located in Malaysia and is leading

2 the development of Pacific NorthWest LNG. The project represents an estimated $11 billion investment, with construction requiring up to 4,500 jobs and long-term operations creating approximately 330 direct jobs. Media Contact: Sam Oliphant Press Secretary Connect with the Province of B.C. at:

3 For Immediate Release 2014PREM April 30, 2014 Malaysia BACKGROUNDER LNG Development Trade Mission Malaysia, Singapore, Hong Kong 2014 Malaysia is one of the top five LNG producers in the world. Malaysia, along with Canada, is a member of the Trans-Pacific Partnership (TPP) negotiations. Pacific NorthWest LNG is majority-owned by PETRONAS and would liquefy natural gas supplied from Progress Energy Canada Ltd. The project could create up to 4,500 construction jobs at peak and approximately 330 direct long-term operational careers. The projects long-term offtake partners are: JAPEX, Indian Oil Corporation, SINOPEC and PetroleumBRUNEI. Pacific NorthWest LNG a proposal near Price Rupert - could create up to 3,500 construction jobs and 300 long-term operational positions. Singapore Singapore is a strategic transportation hub, gateway to Asia, and global financial centre. Singapore, along with Canada, is a member of the Trans-Pacific Partnership (TPP) negotiations. Woodfibre Natural Gas Limited, a newly formed Canadian company, together with Pacific Oil and Gas Limited, Singapore s RGE energy company, is in the early stages of developing Woodfibre LNG, a natural gas liquefaction and export project near Squamish. Hong Kong and China Ministry of International Trade Exports to China and Hong Kong is British Columbia's second-largest trading partner after the United States, increased to $6.8 billion in 2013, up by 13.6% compared to As part of Canada Starts Here: The BC Jobs Plan, the Province opened a trade and investment office in Hong Kong in 2013, as part of B.C. s doubling of its international presence. Currently, China relies heavily on coal and oil to meet the country s growing energy requirements. As the world s cleanest-burning fossil fuel, British Columbia s natural gas can displace China s use of coal. PetroChina Company Ltd. is China s biggest oil and gas company. In May, 2012, it partnered with Shell Canada Ltd., Korea Gas Corp, and Mitsubishi Corp. to develop the LNG Canada project in Kitimat.

4 Media Contact: Sam Oliphant Press Secretary Connect with the Province of B.C. at:

5 For Immediate Release 2014PREM April 30, 2014 BACKGROUNDER Highlights of Premier Christy Clark and Minister Rich Coleman s LNG Development Mission Malaysia, Singapore and Hong Kong Friday, May 2, 2014 Richmond Depart Sunday, May 4, 2014 Kuala Lumpur, Malaysia Arrive Private and cultural program Monday, May 5, 2014 Kuala Lumpur Meeting with senior business executives to promote LNG development Bilateral meeting with Malaysian Prime Minister Najib Razak BC Investment Luncheon Tuesday, May 6, 2014 Bintulu, Sarawak Province Tour of PETRONAS LNG complex Wednesday, May 7, 2014 Singapore Meetings with various senior executives from the LNG, forestry and financial sector BC ASEAN Investment Luncheon Friends of BC Reception Singapore Thursday, May 8, 2014 Singapore Meeting with senior business executives to promote LNG development Bilateral with Ministry of Trade & Industry, Minister of State Teo Sur Luck BC Investment Luncheon Friday, May 9, 2014 Hong Kong BC Hong Kong Investment Breakfast Open afternoon trading session of the Hong Kong stock exchange Bilateral with Chief Secretary for Administration, Carrie Lam Return to Vancouver Ministry of International Trade

6 Media Contact: Sam Oliphant Press Secretary Connect with the Province of B.C. at: