Premier Christy Clark wrapped up her fifth international trade mission on Friday, returning to British Columbia from Hong Kong after signing historic agreements with liquefied natural gas (LNG) proponents - including PETRONAS and Woodfibre LNG - and promoting the development of the province’s promising LNG industry in crucial Asian markets.
“Each milestone we cross means getting closer to final investment decisions - any one of which would be the biggest private-sector investment in B.C.’s history,” said Premier Clark. “These companies are moving forward because they have confidence in B.C. as a secure long-term investment, and understand the scope of the opportunity.”
The Premier’s mission, which included Deputy Premier and Minister of Natural Gas Development Rich Coleman and industry delegates, travelled to Malaysia, Singapore and Hong Kong between May 2 and May 9. These markets are key players in the LNG and energy sectors, and the trade mission allowed B.C. to strengthen its relationships with companies and governments that have a keen interest in delivering on British Columbia’s vast LNG potential.
“We met with proponents backing LNG proposals in B.C. that will deliver reliable energy solutions to growing economies throughout Asia,” said Coleman. “The trade mission gave us an opportunity to reinforce the province’s competitive advantages to new investors and existing partners.”
Those advantages include British Columbia’s stable economy, business friendly climate, short shipping times to Asia compared to its North American competitors, and its multicultural, highly skilled workforce.
Trade missions are an important part of British Columbia’s strategy to actively diversify its international trading partners and secure the new investments that will drive job creation in every region of the province.
Trade Mission Highlights:
- Premier Clark opened the Hong Kong Stock Exchange (SEHK) on May 9. SEHK is Asia’s second-largest stock exchange and the sixth-largest in the world.
- The Premier met with executives of Paper Excellence Group (PEG) on May 8 in Singapore to discuss the acquisition and reopening of the Chetwynd pulp mill. PEG announced this week that it intends to reopen the mill in northeastern B.C., which has been shut down since September 2012.
- On May 7 in Singapore, Premier Clark and Woodfibre LNG lead director Imelda Tanoto signed a Letter of Intent to advance the growth of LNG in B.C. Woodfibre LNG is proposing to construct an LNG processing and export facility at the industrial site of a former pulp mill near Squamish.
- On May 5 in Malaysia, Premier Clark and Tan Sri Dato’ Shamsul Azhar Abbas, group CEO and president of PETRONAS, signed a Letter of Intent to work collaboratively to secure long-term investments in British Columbia’s LNG sector. PETRONAS is Malaysia’s national energy company and has submitted a proposal to build the Pacific Northwest LNG facility in Port Edward, representing an estimated $11-billion investment.
- The Premier met with senior government officials, including Malaysia's Prime Minister Najib Razak on May 5.
Visit the B.C. Newsroom’s trade mission page for extensive photographs, videos and more: http://www.newsroom.gov.bc.ca/2014/05/bc-asia-trade-mission-2014.html
Office of the Premier
Ministry of Natural Gas Development
Ministry of International Trade