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

- July 14th, 2015

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 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
Highbank also provided an update on its operations:

Highbank is continuing development and expansion of the SPN site 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.
Highbank is holding its Annual General Meeting (the “Meeting”) of shareholders on Friday- July 24, 2015. The Meeting will be held at the XChange Conference Centre, 2nd Floor, 888 Dunsmuir Street, Vancouver, B.C., at the hour of 1:30 p.m. (Vancouver time). All shareholders and investors are welcome to attend.

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

 

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