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November 6, 2018 | BC LNG Offers ‘Historic’ Benefits

Stewart Muir is founder and executive director of the Resource Works Society, a Vancouver-based group open to participation by British Columbians from all walks of life who are concerned about their future economic opportunities. He is an author, journalist and historian with experience on three continents including a financial editor of The Vancouver Sun responsible for mining and markets coverage. Since Resource Works was established in 2014, the group has gained international recognition for its practical approach to the public challenges of responsible natural resource development and use.

On November 14, Resource Works hosts experts who will discuss the economic impact of liquefied natural gas exports to Asia. The lunch event, in downtown Vancouver, is open to the public.

post-image.jpgWe still get the giggles about BC Green Party leader Andrew Weaver’s statement in March this year: “I’ve been saying for four years, there is no market for LNG.”

Yep, no market; that would explain why the joint-venture partners in LNG Canada at Kitimat are putting up $40 billion of their own money, having already secured some Asian buyers.

And why Woodfibre LNG is planning to begin construction in the first quarter of 2019, also having lined up some Asian sales.

And why the International Energy Agency sees healthy future world demand for natural gas and LNG: “China alone accounts for a third of global demand growth to 2022 thanks in part to the country’s ‘Blue Skies’ policy and the strong drive to improve air quality.”

In contrast to politician Weaver, it’s good to see the more realistic and professional approach taken by economist Philip Cross.

Getting ready to present to a Resource Works lunch event in Vancouver on Nov. 14, Cross took a look at the various inputs, including a new gas pipeline and additional natural gas sourcing in the BC’s North East, that will be required to supply the project. (The Coastal GasLink pipeline project, by the way, has support from all 20 of the elected councils of First Nations along the 670-km route from the Dawson Creek area to Kitimat.)

Cross is former chief economic analyst for Statistics Canada, and is senior research fellow for Resource Works. He says LNG offers BC “historic benefits.”

On Nov. 14, he will update and expand on the ‘High Impact’ study he performed for Resource Works, measuring the impact of the natural-resource economy in BC.

He’ll tell our Nov. 14 event that BC’s natural resources generated $24.2 billion of income and GDP, up from $21.4 billion, and have created more jobs. And all this means increased GDP for Canada’s economy as well.

  • Come and hear Cross report on LNG and other BC resources, at our Nov. 14 lunch at the Fairmont Pacific Rim in Vancouver. Info and registration.
  • And hear our expert panelists there, too: Patricia Mohr, formerly Scotiabank vice-president, economics and commodity markets; Bryan Yu, deputy chief economist, Central 1; and Matthew Klippenstein, P.Eng., board member, BC Sustainable Energy Association.

With support from the BC LNG Association and Skills Canada BC.

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November 6th, 2018

Posted In: Resource Works

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