- Category: Economic
- Published Monday, February 29, 2016
- CTV News
VANCOUVER - A new study shows Canada would get a big economic boost from a liquefied natural gas industry, especially British Columbia, including tends of thousands of jobs and billions of dollars in economic activity.
The Conference Board of Canada's report was issued Monday as the future of the Canada's LNG industry is complicated by low global energy prices that have delayed at least two B.C. projects.
The Conference Board found that if the industry produces 30 million tonnes per year of LNG, Canada's economy would grow by $7.4 billion a year over 30 years.
British Columbia would be the main beneficiary, with 46,800 of those jobs, and $5.3 billion a year of the economic growth over the 30-year horizon.
Annual government revenue including corporate, personal and indirect taxes, as well as royalty revenue, would increase by about $6 billion annully for Canada, including $3 billion to the provincial government.
But the study -- which is based on a model of three hypothetical projects -- comes out only days after the AltaGas-led group behind the Douglas Channel LNG project stopped development, citing low prices and an oversupplied market.