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Squamish’s Woodfibre Receives Authorization to Proceed
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(Posted on Nov 7, 2016 at 03:54PM by Michelle Bogle)
On Friday, November 4, 2016, Woodfibre LNG Limited announced that its parent company Pacific Oil & Gas Limited, which is part of the Singapore-based RGE group of companies, has authorized the funds necessary for the project to proceed.
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Woodfibre LNG Limited is proposing to build a new 2.1 mtpa liquefied natural gas (LNG) processing and export facility using electric drive at the former Woodfibre Pulp Mill near Squamish, British Columbia.Â
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This decision follows the province’s Climate Leadership Plan initiative, which encourages the use of electricity in the natural gas industry in B.C. Electricity from B.C. Hydro is more than 90% clean renewable energy and can help create the cleanest LNG in the world.
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“At Woodfibre LNG Limited, building a project that is right for Squamish and right for B.C. is our priority,†said Byng Giraud, Country Manager and Vice President of Corporate Affairs, Woodfibre LNG Limited. “[This] is why we made the decision to use electricity to power our facility, instead of natural gas, following community concerns over air quality. The province’s decision to offer a competitive electricity rate for proponents that choose eDrive technology allowed this ‘go forward’ decision to happen.â€
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It is anticipated that Woodfibre will attract a growing workforce to Squamish with an estimated 650 construction jobs per year during the two-year building period, which could begin as soon as 2017, plus 100 full-time jobs to the Woodfibre site during operation. A dozen or so administration-related position will also be seeking qualified candidates.
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As a result, the former lumber town is now once again poised for growth, which should play a significant role in Squamish’s commercial real estate sector – a sector that our team at Marcus & Millichap Vancouver is keeping a close eye on.
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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 C. Fox at (604) 675-5222 or view his associate profile by clicking here.
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