Woodfibre LNG, Guangzhou Gas Group Sign LNG Deal
Woodfibre LNG, which plans to build a LNG export terminal on Canada's British Columbia, and Guangzhou Gas Group Co. Ltd. have signed a memorandum of understanding (MOU) concerning potential offtake of 1 million tonnes of LNG per year for 25 years starting in 2017, government of British Columbia said in a note.
The LNG will be sourced from the Woodfibre LNG Project, which is being developed in the District of Squamish by Woodfibre LNG Limited, a Canadian-based affiliate of Woodfibre LNG Export.
The LNG offtake contemplated in the MOU will provide long-term stable supply of natural gas to meet the rapidly-growing demand in Guangzhou City, China.
The Woodfibre LNG Project is expected to start production in the first quarter of 2017 with an annual capacity of 2.1 million tonnes.
Woodfibre LNG Export Pte. Ltd. is a Singapore-registered company, and is part of the Pacific Oil & Gas group of companies, which also includes Woodfibre LNG Limited. Woodfibre LNG Export has secured an export license from the National Energy Board in Canada to export 2.1 million tonnes of LNG from the Woodfibre LNG Project for a period of 25 years.