B.C. and Woodfibre Sign Letter of Intent to Cooperate on LNG Export Terminal
British Columbia (B.C.) Premier Christy Clark and Woodfibre Natural Gas Limited (Woodfibre) Lead Director Imelda Tanoto signed a Letter of Intent to work collaboratively to secure long-term investments by Woodfibre in a B.C. LNG terminal. Woodfibre has obtained a license to export gas from a proposed LNG terminal located on the Woodfibre site near Squamish, B.C. Like a similar agreement between B.C. and Petronas, the letter is not legally binding and requests that B.C. provide certainty on the costs applicable to LNG terminals in the province and that Woodfibre work towards a final investment decision on the project. B.C. and Woodfibre also agreed to use reasonable efforts to negotiate a Project Development Agreement by November 30, 2014. Read more in the press release and the Globe and Mail article.