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Woodfibre LNG: Unlocking BC’s Natural Gas Assets
The Business Council of British Columbia welcomes the authorization and final investment decision to move forward the Woodfibre LNG project as announced today by parent company Pacific Oil & Gas Limited. This announcement begins to unlock the province’s world class natural gas assets to meet growing foreign demand.
“This decision establishes British Columbia as one of an increasing number of suppliers of energy to growing Asian markets in the very competitive global LNG sector; and also signals that BC is an attractive location in which to invest global capital,” said Greg D’Avignon, President and CEO, Business Council of British Columbia. “This estimated $1.6 billion project will mean 650 construction jobs per year, over two years in the Squamish corridor, plus 100 full time on-site jobs during operation; all of which will provide meaningful economic spin off benefits not only in the immediate vicinity, but throughout the supply chain reaching up to the province’s northeast sector.”
“The benefits of this project are not limited to British Columbia’s economy; by exporting LNG to developing Asian economies, this project will support fuel switching from higher carbon sources and meet growing energy demand,” continued D’Avignon.
“Finally, this project is a recent example of how meaningful engagement and collaboration with First Nations can provide multiple benefits for First Nations’ communities and businesses, further accelerating reconciliation through sustainable economic development” said D’Avignon.
About the Business Council of British Columbia
Celebrating its 50th year as the preeminent business organization in the province, the Council has a strong history of providing relevant public policy research and advice on issues to enhance BC’s competitiveness. Since its inception with founding Chair, JE Richardson, then CEO of BC Telephone Company, the Council has been fortunate to have as members major employers from across all sectors in BC’s economy who have played meaningful roles in building British Columbia.
Today, the Council is a source for insight on the BC and Canadian economies and how international trends and domestic policies are impacting our ability to compete in a global economy. Priority areas of focus include: environmental sustainability policies, economic reconciliation with First Nations, innovation, building a competitive tax and regulatory regime, supporting trade and market access, and the development and the attraction of a deep and diverse talent pool.
Cheryl Maitland Muir