Highbank Resources Notes Petronas to Proceed With Pacific Northwest LNG Terminal

- June 12th, 2015

Highbank Resources (TSXV:HBK) noted that Malaysia’s Petronas and its Asian partners said on April 11 that they would proceed with the Pacific Northwest LNG joint venture, subject to the completion of a federal environmental assessment to be completed this fall for the terminal.

 Highbank Resources (TSXV:HBK) noted that Malaysia’s Petronas and its Asian partners said on April 11 that they would proceed with the Pacific Northwest LNG joint venture, subject to the completion of a federal environmental assessment to be completed this fall for the terminal. The company also provided an update on progress at its Swamp Point North project.

As quoted in the press release:

PNW LNG said that giving conditional approval is a crucial milestone.

“The final investment decision will be confirmed by the partners of PNW LNG once two outstanding conditions have been resolved,” the consortium said on Thursday. “The first condition is approval of the project development agreement by the Legislative Assembly of British Columbia, and the second is a positive regulatory decision on the environmental assessment by the government of Canada.” The British Columbia government has already said it would recall the legislature this fall if necessary to put into law the project development agreement.

Petronas holds a 62-per cent interest in PNW LNG. The partners are China’s state-owned Sinopec, whose formal name is China Petroleum & Chemical Corp. (10 per cent), India’s state-run Indian Oil Corp. Ltd. (10 per cent), Japan Petroleum Exploration (10 per cent), China Huadian Corp. (5 per cent) and Petroleum Brunei (3 per cent). For further information, see The Globe and Mail on June 11, 2015.

TransCanada Corp.

In other important news announced yesterday, the Canadian government has approved TransCanada Corp’s proposed C$1.7 billion North Montney Mainline natural gas pipeline that would connect natural gas fields in northern British Columbia with a Pacific Coast export terminal.

The North Montney line would feed into a second new pipeline, the Prince Rupert Gas Transmission line, that would serve the proposed $11 billion liquefied natural gas export terminal, called the Pacific NorthWest LNG project. For further information see Reuters -June 11/15: http://ow.ly/Of5Sm

… Highbank is continuing development and expansion of the SPN site and has secured two larger excavators for the extraction, production and stockpiling of aggregate for future sales. Highbank is continuing its efforts to secure long-term contracts for its aggregate products from Swamp Point North.

Click here to read the Highbank Resources (TSXV:HBK) press release
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