Woodfibre LNG has announced a budget of $ 625 million this year. Soon, there is a possibility of a final investment decision.

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Woodfibre LNG, a Vancouver-based private subsidiary of Singapore’s Pacific Energy Corp., has announced that it has an approved budget of $ 625 million this year and appears to be preparing for the next construction start.

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Faced with opposition from some locals, no final decision has been made to build a $ 1.6 billion project in the Squamish region, which has been approved by the state for an environmental assessment.

Pacific Energy Corp. is part of a Singapore-based RGE Group company owned by Sukanto Tanoto of Billionaire.

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The $ 625 million spending (announced as $ 500 million) was revealed in a recent presentation to the Squamish District Council. Fortis also provided up-to-date information on the 47-kilometer natural gas pipeline from the Coquitlam area, which will be built to supply liquid natural gas facilities as the project progresses.

In a written statement, Woodfibre LNG President Christine Kennedy said: In 2027. “

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Of the $ 625 million approved for this year’s spending, $ 25 million has been allocated to pre-construction work at the old pulp mill site near Squamish, including the removal of concrete slabs and railroads.

Woodfible officials said the remaining key element of the budget was for detailed engineering and design work.

During a presentation at Squamish, Councilor Jenna Stoner points out that the project has experienced many false launches, and community assurance that the project should move forward and therefore spend time engaging with the company. Asked about.

Kennedy, who took office 16 months ago, admitted that there has been an uneven path since the project was announced in 2014.

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“The project is taken very seriously,” Kennedy replied. “It’s a matter of timing of that final notification (to continue).”

The project is backed by the Squamish Nation, and in a January newsletter, the company said to its members that it “soon” expects a final investment decision in early 2022. WoodfibreLNG also said it is working on a profit agreement with Tsleil. -Waututh First Nation.

Opponents of the project, My Seato Sky advocates, handed Squamish’s Woodfibre LNG staff a petition with more than 20,400 signatures calling for the LNG project and pipeline shutdown.

This group will increase hydraulic fracturing to extract natural gas, contain climate pollution, and inhabitants living along the pipeline routes proposed by Squamish and Koquitram, or near Howe Sound’s LNG transport routes. I am against this project because it says it is at risk. Or English Bay.

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Eoin Finn, co-founder and research director of My Sea to Sky, said: Do you believe number. “

The project seemed to begin construction shortly, with many major announcements, including those made in 2016 by then-Liberal Prime Minister of British Columbia, Christie Clark and the Great Fanfare. ..

Woodfibre LNG is one of many touted projects in British Columbia aimed at creating an export industry to Asia for the state’s abundant natural gas resources and supporting the state’s new job-creating economy. I was trying.

There is only one project under construction, the $ 18 billion LNG Canada project in Kitimat, northwestern British Columbia, led by Shell.

Based in Calgary, TC Energy is building a $ 6.7 billion Coastal GasLink pipeline to supply liquefied natural gas terminals.

The shell-led project will be completed in the middle of the last decade, including partners Malaysia’s Petronas, PetroChina, Japan’s Mitsubishi, and South Korea’s KOGAS.

The project faces opposition from some indigenous peoples, but recently many indigenous communities have signed option contracts to acquire a 10% stake in the pipeline.

ghoekstra@postmedia.com

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