Parent company authorizes Woodfibre LNG to proceed with project

Construction expected to begin in 2017, operation in 2020

SQUAMISH, BC – Woodfibre LNG Limited announced today that its parent company Pacific Oil & Gas Limited, part of the Singapore-based RGE group of companies, has authorized the funds necessary for the Woodfibre LNG Project to proceed.

Woodfibre LNG Limited is proposing to build a new 2.1 mtpa liquefied natural gas (LNG) processing and export facility using electric drive (‘eDrive’) at the former Woodfibre Pulp Mill near Squamish. Woodfibre LNG Limited is a privately held Canadian company based in Vancouver, and a subsidiary of Pacific Oil & Gas Limited, which is part of the Singapore-based RGE group of companies.

This decision follows the Government of British Columbia’s Climate Leadership Plan initiative, which encourages the use of electricity in the natural gas industry in BC.  Electricity from BC Hydro is more than 90% clean renewable energy, and can help create the cleanest LNG in the world.

“At Woodfibre LNG Limited, building a project that is right for Squamish and right for BC is our priority,” said Byng Giraud, Country Manager and Vice President of Corporate Affairs, Woodfibre LNG Limited, “which is why we made the decision to use electricity to power our facility, instead of natural gas, following community concerns over air quality.”

“The Province’s decision to offer a competitive electricity rate for proponents that choose eDrive technology allowed this ‘go forward’ decision to happen.”

Woodfibre LNG will bring to Squamish an estimated 650 good paying construction jobs per year during an estimated two-year construction period, 100 full-time jobs to the Woodfibre site during operation, plus a dozen or so administration-related jobs to Squamish during the life of the project.

Pending permitting, construction for the Woodfibre LNG Project could begin in 2017, with operation in 2020.

“(Woodfibre LNG receiving board approval to proceed) marks the beginning of a tremendous opportunity for British Columbia to play a significant role in the global fight against climate change, using the world’s cleanest LNG to help countries transition away from coal and oil. At home, this project will create hundreds of jobs for First Nations and all British Columbians.”

—   BC Premier Christy Clark, November 4, 2016

“…the proponents have respectfully engaged with First Nations, will provide job training and good, family-supporting jobs to local people, and will proceed in a way that minimizes climate changing emissions at the plant. B.C.’s New Democrats are supportive of Woodfibre LNG and the jobs and economic activity it will bring to our province.”

— BC NDP leader John Horgan, November 4, 2016

 “(Woodfibre LNG receiving board approval to proceed) 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.  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.”                                    

— Greg D’Avignon, President and CEO, Business Council of British Columbia, November 4, 2016

 “LNG is potentially one of the best things to ever happen to B.C.’s economy, and Woodfibre LNG’s decision to invest reflects tremendous confidence in this emerging industry.  We need to ensure that this project has every opportunity to reach its full potential.”

— Philip Hochstein, President of the ICBA, November 4, 2016