By Dene Moore, The Canadian Press
VANCOUVER - B.C. Premier Christy Clark says her government will provide up to $120 million in royalty credits to liquefied natural gas proponents, to get the infant industry on its feet in the province.
Clark announced the renewal of the Infrastructure Royalty Credit program at an LNG in B.C. conference today.
It's the 12th instalment of the program that encourages capital investment by providing business deductions that can be used to recover some royalties owed to the government once a project is up and running.
Clark says the program is not a subsidy, because the province will get the money back once the projects are profitable.
The premier also announced an amended economic partnership agreement with First Nations for the proposed Pacific Trails Pipeline project that will provide $32 million for a non-equity investment in the pipeline.
With five major LNG export terminals proposed for the West Coast, Clark says B.C. has a once-in-a-lifetime opportunity to develop a trillion-dollar industry.