Carney Announces Historic Energy Investment, LNG Expansion in Vancouver
Canadian Prime Minister Mark Carney is set to announce an historic investment in Canada's energy industry, according to his itinerary. This announcement comes on the heels of LNG Canada's decision to proceed with a multibillion-dollar Phase 2 expansion of its liquefied natural gas export terminal in Kitimat, B.C.
The expansion will double the terminal's export capacity from 14 to 28 million tonnes of liquefied natural gas per year, making it one of the world's largest LNG facilities. This phase is one of the five major projects referred to by Ottawa's major projects office last year and is expected to attract $33 billion worth of private sector capital to Canada.
LNG Canada estimates that this expansion will generate more than $50 billion in government revenues over its lifetime, according to the federal government. Additionally, Carney is set to announce new measures to protect Canada's oceans during his press conference on Tuesday.