Highbank Resources: BC Legislature to Hold Session Regarding Petronas LNG Project

Highbank Resources (TSXV:HBK) commented on the decision by the government of British Columbia to hold a summer session that will look at the development of a $36 billion LNG project funded by Malaysia’s Petronas. Highbank noted that comments regarding the project from Finance Minister, Mike de Jong and Deputy Premier, Rich Coleman have made it into the news lately.
Highbank president and CEO, Victor N. Bryant, said:

“The B.C. legislature has been recalled for a rare summer session to enact the enabling legislation for Petronas, PNW LNG $36 Billion project at Prince Rupert, B.C. and the 20 other LNG proposals. Premier Christy Clark’s government will openly debate in the Legislature an agreement that locks in the status quo on three taxes that apply to the sector for the next 25 years:”

• the LNG income tax enacted by the legislature last year,
• the natural gas credit on corporate income taxes,
• the carbon tax. A similar lock-in would apply to greenhouse gas regulations