Pacific NorthWest LNG and its parent company
The company, which proposes to construct a major LNG terminal on Lelu Island, had been planning on making a final investment decision (FID) worth $36 billion by the end of the year. Instead, Pacific NorthWest LNG and its parent company Petronas delayed that decision.
Despite the delay, the LNG giant has rattled off a number of major agreements since the FID delay announcement.
On Dec. 22, the Kitselas First Nation and Pacific NorthWest LNG announced the signing of an Impact Management Benefits Agreement (IMBA) term sheet. The term sheet is an integral step toward concluding negotiations and finalizing an agreement between the two parties.
“Our agreement with Pacific NorthWest LNG addresses the environmental and social safeguards we require in negotiations, as well as the delivery of economic, employment and educational benefits for our community,” said Kitselas Chief Joe Bevan. “These core components mean substantial benefits for our community – now and in years to come.”
As part of the term sheet, Pacific NorthWest LNG and Kitselas First Nation have committed to working together in an atmosphere of mutual respect and co-operation regarding the permitting, monitoring, construction and operations of the Pacific NorthWest LNG project.
“I would like to commend Chief Joe Bevan for his vision and goal of building a mutually-beneficial relationship between the Kitselas First Nation and Pacific NorthWest LNG,” said Michael Culbert, president of Pacific NorthWest LNG. “Our project represents a generational opportunity that will provide economic benefits, as well as education and business opportunities for the Kitselas First Nation.”