May 5, 2014 5:04 pm

Premier signs letter of intent with Petronas for possible $11 billion LNG plant

Premier Christy Clark announced the provincial government has signed a letter of intent with Malaysian energy giant Petronas to develop an LNG facility in B.C.

The Premier was in Kuala Lumpur, Malaysia today as part of a week-long Asia trade mission.

The deal is to secure long-term investments in B.C’s LNG industry and it could lead to a multibillion-dollar LNG project in the Prince Rupert area.

The project would be an $11 billion investment.

Petronas and the provincial government hope to have a deal hammered out by November 30,  2014.

Clark hopes to create 100,000 jobs in LNG in the province. 13 projects are already approved, and the province says if just five of these projects go forward, B.C.’s GDP could benefit by $1 trillion.

58,700 workers will be required at the peak of LNG-related construction in 2018 if all goes according to plan.

© Shaw Media, 2014

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