The federal government has Ok’d Woodfibre’s application for a 40-year natural gas export licence for its planned Squamish facility.
Canada’s Minister of Natural Resources, Jim Carr, announced the approval Monday while speaking at the Canadian Embassy in China.
“We know there is tremendous demand for natural gas, especially in the fast-growing countries of Asia. The approval of Woodfibre LNG’s 40-year export licence provides certainty for investors while creating jobs for Canadians as the world moves toward a low-carbon future,” Carr said. “This project also underscores the significance of working together with First Nations communities, as it will lead to environmental protection and economic benefits for the Province of British Columbia and the Squamish region.”
The National Energy Board (NEB) had approved Woodfibre’s application on April 6. Monday’s announcement means the federal government reviewed and supported the NEB’s recommendations.
In December 2013, Woodfibre was granted a 25-year licence to export approximately 2.1 million tonnes of LNG per year. Changes in 2015 to the National Energy Board regulations increased the maximum term to 40 years. After the change, Woodfibre LNG applied for the new limit.
The federal government has so far issued LNG export licences to 24 projects.
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