BC Liberals passes 25-year LNG act promising billions in revenue

B.C. passed the Liquefied Natural Gas Project Agreements Act late Tuesday after holding an unusual summer legislative sitting to push through the bill. 

BC Premier Christy Clark says the act sets the stage for "unprecedented levels of investment, job creation and economic activity."

"Liquefied natural gas represents an extraordinary opportunity." said Clark, adding that this law will create jobs and build a "clean, competitive new industry."

Special summer sitting 

The special summer legislative session was called July 13th to debate Bill 30 which gives the province authority to enter into LNG project agreements. 

"British Columbians own this resource and we have ensured a fair return for current and future generations who will benefit significantly," said B.C. Finance Minister Michael de Jong.

With Bill 30 passed, B.C. can move ahead with the first LNG project, a $36-billion US dollar deal signed with Pacific NorthWest LNG. The project is forecast to create 4,500 jobs in the construction phase and estimate up to $8.6 billion by 2030 in tax and royalties.

 "We are creating a better future and a better British Columbia for our children and grandchildren, said Natural Gas Development Minister Rich Coleman.