Gas plant math

getting

WHETHER OR not the proposed bil-
lion dollar Pac-Rim LNG liquid natural
gas plant becomes a reality hangs on
stability in a complex equation of fac-

: tors. ,
oe“ Tt’s a high risk, it’s a very high
° tisk;* ”” admits Pac-Rim Vice president
_ Wayne Stanley. . -
ve ’ Stanley : and other compamny ¢ officials

oo were in the northwest last week to ans-

“organizer here has been

“the B.C. Labour Relations
Board,

Be Wer questions on the proposed project
= through open houses and public meet-

ings. :

The project would involve building a
$365 million to $460 million gas
pipeline and $870 million processing
facility to produce 3,5 million tonnes of
liquified natural gas per year of LNG.

Stanley. agreed it is a massive project
both .in size and’the scale of financing,

_ It was also sensitive to prices of natural

gas and petroleum, the ability to secure

long term supplies of gas, to the value

of the Canadian dollar and the political

risks . that go with trying to earn en-
vironmental acceptance.

“Any one of those things can trip us
up, but we're assuming a stable indus-
try in ‘Canada, and maintenance of the
expected price forecast,’’ Stanley said,

He' added that Canada isn’t a tradi-
tional LNG supplier and customers on
the market still remember the failed
Dome LNG project of the early 1980s,

Pac-Rim, ‘however, had spent
hundreds of thousands of dollars to date

developing the project, analyzing the

risks, and he maintained the project was

tricky

possible within normal ranges of fluc-
tuation in the industry,

“All those factors are-elements that
are part of the equation. We're familiar
_With them, the buyers are familiar with
them, suppliers are familiar with them

and there is a sort of ‘coming. together of:

positions that there is real merit in this
project,”’ Stanley said.

The company: had a prospective buyer
in South Korea and had started negotia-
tions to form a joint venture company
to develop the project. It’s also working
on getting long term supplies of natural
gas.

On the financial side, Stanley hoped
current negotiations. with oi] and gas
companies would result in an equity
agreement being nailed down by the
end of this month,

As for the environmental i issues, Pac-
Rim’s Plan i is 1o manage the project to
the ‘maximum ‘standard so it remains
“‘defensible’’, The visit was part of
meeting the first stage of requirements
under the B.C. Environmental Assess-
ment Act,

Stanley said the company’s final site
selection between Kitimat and Prince
Rupert depends first on finding an en-
vironmentally ‘acceptable route for a
dedicated natural gas pipeline.

He also noted the ultimate buyer had
a say in the location since they are
responsible for shipping and Kitimat
adds almost 20 hours in. the round trip
to market. a

(Story courtesy The Northern Sentinel)

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Originally from Ontario,

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