Darrell Dexter in Port Hawkesbury after his announcement (CBC)

The Nova Scotia government is promising more than $124 million over 10 years for the British Columbia-based company that wants to buy the Newpage paper mill in the Port Hawkesbury area.

Premier Darrell Dexter announced the details of the package to help Pacific West Commercial Corp. at a news conference on Monday.

Dexter said the package will safeguard more than 1,000 jobs in the region.

A favourable tax ruling from the Canada Revenue agency is still required, but the province said it's ready with a variety of loans and incentives over the next few years to try to help the mill restart and run profitably.

The province's announcement follows a ruling Monday morning that allows Pacific West to receive a discounted power rate.

It's one of three demands from the company before closing the deal.

Port Hawkesbury's Mayor, Billy Joe MacLean, said he hopes people in the Halifax area are not critical of the spending, because the city's shipyard will get millions to build new vessels for the navy.

"We support the idea with the government and surely we'll get the metropolitan area and the urban areas of the province to support us," he said.

"I think we have to enjoy a quality of life to raise our families here, just as well as the people in metro."