A final investment decision on the $40-million LNG Canada project could come as soon as Oct. 5, according to a report from Bloomberg News.
The news agency reports that plans are underway for an Oct. 5 announcement, with a special event and fireworks ceremony scheduled the next day in Kitimat, the site of the proposed facility.
The timing of the events could change, Bloomberg reported, citing unnamed sources.
Royal Dutch Shell Plc is the lead partner in the LNG Canada project, with a 40 per cent stake, and Prime Minister Justin Trudeau met with CEO Ben van Buerden in New York on Tuesday, Sept. 25.
Shell declined to comment on the timing of the announcement and said it's reviewing the decision package sent to project partners. A decision must be made by Nov. 30 to claim up to $6 billion in tax breaks, Bloomberg reports.
Meanwhile, the Globe and Mail reports that the federal government has agreed to waive import tariffs on the steel needed for the project. Those tariffs amount to roughly $1 billion, however, a ruling is still to come from the Federal Court of Appeal.
"We are hopeful that Shell will make a positive investment decision which will lead to the creation of thousands of jobs," said Pierre-Olivier Herbert, a spokesperson for federal Finance Minister Bill Morneau.
"There is due process in place for the remission of surtaxes in the event that there is no domestic supplier, and that process must be followed."
Earlier this year, Petronas bought in for a 25 per cent stake in the project after cancelling its own liquefied natural gas project in Prince Rupert.
PetroChina Canada Ltd. will hold 15 per cent, Diamond LNG Canada Ltd., a subsidiary of Mitsubishi will hold 15 per cent, and Kogas Canada LNG Ltd. will have 5 per cent.
The pricetag for the project - considered the largest in B.C. and Canadian history -- includes TransCanada's $4.8-billion Coastal GasLink pipeline, which will take natural gas from Northeast B.C. to Kitimat.
