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Woodfibre’s Impact is Proving Positive for Squamish’s CRE Industry
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(Posted on May 16, 2016 at 09:58PM by Michelle Bogle)
The Woodfibre LNG proposal in Squamish, British Columbia, has already lined up a potential sale for almost half of its planned output to a customer in China. This comes on the heels of the Ministry of Environment's approval, which the plant received last month.Â
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The potential sale is between Woodfibre’s Singapore-based affiliate, Woodfibre LNG Export Pte. Ltd., and the Guangzhou Gas Group Co. Ltd. The two companies have signed an agreement, which is expected to reach a 25-year deal for the sale of one million tonnes of liquefied natural gas from the plant.
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A contract, such as this, would see Guangzhou Gas take up to a 10% equity stake in the Woodfibre project, which would begin delivering gas starting in 2020. It also points to the increased interest of B.C.-produced liquefied natural gas with Asian countries.
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Major projects, such as Woodfibre, are transforming Squamish’s economy and fueling demand for real estate, especially within commercial asset classes. The former lumber town is now once again poised for growth and expected to draw an increased supply of labourers into the area.
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For more information about commercial real estate activity in the Sea-to-Sky corridor, including Whistler and Squamish, please contact our area expert, David Fox, in our Vancouver office.
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