« Any agreement under this acquisition agreement, which would ensure BP Canada`s reliable raw materials for Woodfibre, would be another important development, and it is clear that BP is a very attractive and deeply rooted partner with a personal interest in Woodfibre`s success. » LNG comes from the Woodfibre LNG Project, developed in the Squamish District of British Columbia by Woodfibre LNG Limited, a Canadian subsidiary of Woodfibre LNG Export. The HoA`s planned LNG release will provide a stable long-term supply of natural gas to meet the growing demand for clean energy in Guangzhou City, People`s Republic of China. Guangzhou is the capital and largest city in China`s Guangdong province. The company behind Woodfibre LNG, Indonesia`s Pacific Oil and Gas Ltd. has already announced the project. The company has acquired agreements with Asian buyers and gas supply contracts with producers in northeastern B.C. Of the $225.7 million in cash, $18.75 million is spent to reach certain milestones. The first payment is made when the agreements are officially signed. « This is the third non-binding agreement announced by Woodfibre LNG and neither of the previous two agreements has entered into a definitive contract to purchase LNG from Woodfibre LNG, » the group said in an email. On May 9, 2016, Woodfibre LNG Limited announced that its Singapore-based subsidiary Woodfibre LNG Export Pte Ltd had signed an agreement with Guangzhou Gas Group Co., Ltd.(Guangzhou Gas Group) for a possible 25-year release of 1 Mtpa of liquefied natural gas (LNG) from 2020.
For more information on the Woodfibre LNG project, visit woodfibrelng.ca. Also follow Woodfibre LNG on LinkedIn. The Squamish Nation Council voted 8-6 in favour of approving performance agreements with three parties – Woodfibre LNG, the provincial government and FortisBC – representing $225.7 million in cash and nine parcels with a total area of 422 hectares. Squamish First Nation has confirmed a history of theBreaker that estimates the potential value of Squamish`s benefit agreements with Woodfibre LNG at more than $1 billion. The announcement follows the signing in September 2014 of an agreement between Woodfibre LNG Export and Guangzhou Gas Group on the possible LNG supply agreement. As with other acquisition agreements, according to Woodfibre LNG, this agreement will be concluded closer to the start of operation of the facility. The HoA LNG release will provide a stable long-term natural gas supply to meet the growing demand for clean energy in Guangzhou City. The Lng Woodfibre project in Squamish, B.C.
has reached a preliminary agreement with the first and largest importer of LNG in China. The rest is paid annually to Squamish for the 40th anniversary of the project. The Woodfibre LNG project is located approximately 7 kilometres southwest of Squamish. This involves the construction and operation of an LNG export plant by Woodfibre LNG Limited on the former site of the wood fibre pulp mill.