The British Columbia government has secured the last steps of the fiscal framework for liquefied natural gas projects in the province.
The legislative assembly passed the Income Tax Amendment Act Thursday, and Premier John Horgan says that will secure the largest private-sector investment in Canadian history.
The joint venture, which includes Petronas, Shell Canada Energy and PetroChina Canada Ltd., announced last year that LNG Canada’s $40-billion project on B.C.’s northern coast would proceed.
Changes to the Income Tax Act allow for the implementation of the tax credit for LNG development in the province.
Horgan says the government set four stringent conditions for liquefied natural gas production in B.C., including a fair return for natural resources, jobs for residents and partnerships with First Nations.
The premier says the LNG Canada project meets those conditions and is expected to generate $23 billion in government revenues.