Canada’s first West Coast LNG project could go ahead on Woodfibre 25-year deal with Chinese province

, Canada

An October 2014 handout photo of The Woodfibre LNG Project is a proposed small-scale liquefied natural gas (LNG) processing and export facility, located approximately seven kilometres southwest of Squamish, B.C.

Woodfibre LNG Ltd. may move ahead with a project by the end of the year that could make it one of Canada’s first exporters of liquefied natural gas.

Woodfibre, backed by Indonesian billionaire Sukanto Tanoto’s RGE Group, is in talks to sell Guangzhou Gas Group Co. 1 million metric tons per year of LNG for 25 years, starting in 2020. As part of a preliminary agreement signed Monday, Guangzhou Gas is also considering acquiring a 10 per cent stake in the project on Canada’s West Coast.

“That portion of gas may be sufficient to make a final investment decision,” Byng Giraud, Canada country manager for Woodfibre, said in a phone interview Monday from Vancouver. “We’re very confident of moving forward with the project.”

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