Japanese Investment Supports Natural Gas Development in British Columbia
During the Japan leg of her Jobs and Trade Mission to Asia in 2013, British Columbia Premier Christy Clark signed agreements fortifying relationships to increase investments for natural gas development in B.C.
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"As the world's largest importer of liquefied natural gas, Japan is a critical partner in the development of B.C.'s natural gas industry," said Premier Clark. "We're here to leverage our competitive advantages and make sure B.C. is top of mind for LNG investment."
Premier Clark renewed a memorandum of understanding (MOU) on mutual co-operation with the Japan Oil, Gas and Metals National Corporation (JOGMEC) to work together and share information on natural gas activities.
Since the MOU with JOGMEC was first signed in May 2012, the Government of British Columbia and the company have worked closely together as JOGMEC and its partners pursue opportunities to invest in natural gas projects in B.C. The renewal of that agreement during Premier Clark’s mission represented an expression of ongoing confidence in the province’s natural gas potential.
In January 2014, JOGMEC announced that the corporation will make a $200 million (CAD)-plus upstream investment in the Encana Cutbank Ridge project in Montney, British Columbia, a project in which JOGMEC already has a technology stake. British Columbia’s Ministry of International Trade, the province’s Major Investments Office and the province’s Trade and Investment Representative in Tokyo have frequent engagement with JOGMEC in the ongoing development of this relationship with our province.
Mitsubishi Corporation of Japan is another party engaged in the Encana project. In 2012, Mitsubishi Corporation committed to pay $2.9 billion to acquire a partnership interest and to invest multiple billions of dollars to develop the vast natural gas resources in Montney, which will be destined for a proposed LNG export project on the province’s west coast.
The British Columbia Ministry of International Trade’s teams in Vancouver and the Province’s Trade and Investment Representative team in Japan have been working closely with Mitsubishi Corporation, providing advice, access to senior government officials, arranging meetings with service providers, and hosting executive business visits to British Columbia.
British Columbia’s Trade and Investment Representatives help international businesses discover the benefits of British Columbia as a destination for investment, a partner for trade and innovation, and source of quality goods, services, and resources around the world. They also help British Columbia businesses contact potential buyers, investors, and other key partners in global markets.
Interested in investing in British Columbia’s natural gas future? Connect with a Trade and Investment Representative today.