The proposed project was to build an LNG export facility on Lelu Island in the district of Port Edward, in northwest B.C. "We took time, but at the end of the day it really boils down to whether the project could really be competitive in the market conditions of the day".
Asked whether or not the decision was related to members of the B.C. NDP's opposition to the project, newly appointed B.C. Minister of Energy, Mines and Petroleum Resources Michelle Mungall said, "This particular project is about global market pricing. We respect the company's decision".
"We continue to believe that an LNG industry can thrive in B.C. with the right project at the right time", he said.
Those opposed to the project welcomed the news.
Experts told Metro that Clark's LNG hopes were likely a "pipe dream" given current oil prices, particularly the ability of Russian Federation to get natural gas much more cheaply to lucrative Asian markets, and the late arrival of B.C.to the game.
March 26, 2014: The federal government approves Pacific NorthWest LNG's export licence. Mungall said the cancellation was a decision based exclusively on market conditions.
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"This is about global market pricing, this isn't about anything else other than Petronas looking at that long-term reality in the worldwide market", she said.
But a mere 44 jobs will be affected after Petronas - the Malaysian state-owned firm behind Pacific NorthWest's proposed plant near Prince Rupert - completely jettisoned its plans on Tuesday morning after having sunk roughly $400 million into it, Pacific Northwest's chair told reporters.
The Liberal Opposition issued a statement saying the decision signals the impact of a "Closed for Business agenda" put forward by the NDP government.
"What's happening now is very clear that there is somewhat of a non-confidence vote in British Columbia - period", he said.
"The First Nations who were looking to LNG to support economic growth and a sustainable future in their communities are facing some tough decisions now that resource benefits are being pulled off the table", she said.
"Rather than doing the hard work required to strengthen and secure the economic opportunities already available in other sectors, the BC Liberals recklessly went all in on a single industry".
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