Bulletin shows First Nation offered $1.15 billion in benefits to support LNG project

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      There's a document on the Lax Kw'alaams Band website that should dispel any doubts that liquefied natural gas is big business.

      It shows that the Prince Rupert–area First Nation would receive benefits valued at $1.15 billion over 40 years for approving an LNG facility and natural-gas pipeline on its traditional territory.

      The windfall would be in connection with the proposed Pacific Northwest LNG Facility on Lelu Island, which is administered by the Prince Rupert Port Authority.

      The majority owner is the Malaysian state-owned energy giant Petronas, which holds a 62 percent stake. The minority shareholders are Sinopec (15 percent), JAPEX (10 percent), Indian Oil Corporation Ltd. (10 percent), and PetroleumBrunei (3 percent).

      The proposed compensation package to the Lax Kw'alaams is broken into five parts:

      • $27.8 million as initial one-time payments for signing preliminary agreements, the construction of projects, and start-up of operation of projects.

      • $12.9 million in yearly payments rising to $50.5 million annually by year 40, which would amount to more than $1 billion.

      • $108 million for transferring lands in the Prince Rupert Harbour area to Lax Kw'alaams as private lands for industrial or residential use.

      • $47.7 million in targeted funds for paving Tuck Road, compensation for fisheries and monitoring, capacity funding, scholarships, and a 10-year training program.

      "Membership will be asked to vote by a show of hands after the presentations whether or not you support the development of these LNG projects in the territory and the benefits packages that are being offered," the notice states.

      Comments

      2 Comments

      Stock Shaman

      May 3, 2015 at 8:49am

      "“high probability” that the Petronas-led group will make a final investment decision on the LNG export terminal by the middle of this year. " ...would be a major boom for this Listed sand and gravel co. Please exercise your due diligence
      http://ow.ly/MqHaC
      Please view Infographic of major port of Prince Rupert Construction projects
      http://ow.ly/MqHka

      Kiskatinawkid

      May 3, 2015 at 10:43am

      The bribery begins.