The Province of British Columbia and the National Energy Administration of the People’s Republic of China signed a Memorandum of Understanding (MOU) today to strengthen energy trade and investment.
“The continued growth of our economies depends on foresight and partnership,” said Premier Christy Clark. “With our dependable, abundant supply of natural gas and China’s need for new sources of energy, we have an opportunity like never before to work together and develop a strong, competitive LNG industry.”
The MOU emphasizes the development of an LNG industry and the benefits it will create for both British Columbia and China. This includes the reduction of China’s global carbon emissions with the use of B.C. natural gas - the world’s cleanest burning fossil fuel.
“Strengthening relationships with our trade partners in China creates unprecedented growth opportunities for our province’s natural gas sector,” said Minister of Natural Gas Development Rich Coleman. “Working together will accelerate LNG development and job creation in British Columbia and help China reach its need for a new energy supply.”
To further a working relationship, British Columbia and China will increase the exchange of energy-related information; expedite networking opportunities for business leaders, researchers and government agencies; and encourage industry to explore investment and mutually beneficial development.
British Columbia is strengthening global ties to attract new investment, increase trade and create jobs at home. Ben Stewart, B.C.’s Special Representative to Asia (BCSRA), helped bring today’s MOU together. The BCSRA provides investors access to a high-level official representative on the ground in Asia, and advances trade and investment priorities on behalf of government. Part of that mandate includes initiating and/or building strategic relationships with key companies and executives interested in developing, investing in or exporting B.C.’s natural gas opportunities like China’s National Energy Administration.
“As the world’s largest energy consumer, China continues to look to B.C. for its abundant, stable energy supply and our government’s representatives in Asia played a key role in advancing negotiations with China’s National Energy Administration (NEA),” said Minister of International Trade Teresa Wat. “In particular the on-the-ground work by B.C.’s Special Representative to Asia (BCSRA), Ben Stewart, paved the way for this signing which facilitates further investment in B.C.’s LNG industry.”
With 16 LNG export proposals now in the province, British Columbia is poised to be a leading energy supplier for China and Asia’s growing economies. Development of an LNG industry will result in unprecedented economic growth and has the potential to create more than 100,000 jobs.
The MOU was signed between Deputy Premier and Minister of Natural Development, Rich Coleman, and the Wu Xinxiong, Administrator for the National Energy Administration. It can be viewed at: http://www.newsroom.gov.bc.ca/downloads/MOU_BC_China_July_24_14.pdf
British Columbia has a vast supply of natural gas with a promising liquefied natural gas industry developing in the province. China is Asia’s largest economy and fastest growing market for new energy.
China’s National Energy Administration governs all administrative and operational aspects of the natural gas industry in China.
- British Columbia’s natural gas potential exceeds 2,900 trillion cubic feet. This potential supply could support domestic and international project operations for over 150 years.
- China produced 3.5 trillion cubic feet (Tcf) of natural gas in 2010 and consumed almost 4 Tcf. The U.S. Energy Information Administration forecasts that China will consume 11.5 Tcf of natural gas by 2035.
- B.C. ranks first among Canadian provinces as a source of Canadian exports to China. In 2012, B.C.’s exports accounted for 28% of Canadian exports to China.
LNG in B.C. information: www.LNGinBC.ca
China’s National Energy Administration: http://www.nea.gov.cn/
To view a photo from the signing event, please click here: https://www.flickr.com/photos/bcgovphotos/14732152361/in/photostream/
Office of the Premier
Ministry of Natural Gas Development