Natural Resources

Petronas gives a (conditional) yes to LNG

By Jacob Parry /

A rendering of the proposed facility near Prince Rupert.

THE#BCBIZDAILY
Plus, Chip to say goodbye to Lululemon and Christy provokes a yoga kerfuffle

LNG gets a yes
Malaysian energy giant Petronas green-lit an $11-billion plan to export liquified natural gas from B.C. after the board of its co-venture, Pacific NorthWest LNG, met in Vancouver Thursday. In a statement, the company said that the project—the first of more than a dozen LNG terminals to be decided on—made both business and technical sense, but it did not spell out a timeline for construction. Also, approval rests on two further conditions: a ratification of a tax agreement with the B.C. legislature and the go-ahead from the federal environmental regulator.

The Canadian Environmental Assessment Agency (CEAA), however, has hit pause on its approval process, requesting information from the company on its plans to avoid damage to a salmon spawning habitat adjacent to the construction site—which has flared into a major bone of contention with the Lax Kw’alaams, in whose territory the project is proposed. 

WILSON!
Chip Wilson‘s multi-billion-dollar run at Lululemon could soon come to an end. On Thursday, the company cleared the way for the yogawear billionaire to sell his 14 per cent stake in Lululemon—for an estimated $1.2 billion. As Wilson divested half of his stake in the company to a New York private equity firm for $865 million last year, a sale of his remaining shares would end his financial relationship with the company. And Lululemon’s shareholders seem to be pleased: Sam Poser, an analyst at CRT, said Wilson’s exit would be “very good news” for the company’s stock. 

#OmTheBridge
And as Chip parts ways with Lululemon, Christy Clark has found an in. And as her plan for a Burrard Bridge shutdown for International Yoga Day steadily garners more flack (that event—#OmTheBridge—is sponsored by Lululemon, Altagas and YYoga, all BC Liberal donors), Clark took to Twitter to troll her detractors:

Hey Yoga Haters- bet you can’t wait for international Tai Chi day. pic.twitter.com/1sEfIwKbG3

— Christy Clark (@christyclarkbc) June 11, 2015


The government’s massive open-air yoga class is scheduled for June 21, which is, coincidentally, also Father’s Day and National Aboriginal Day. The bridge will be closed off for most of the morning, much like during the Vancouver Marathon (or, gasp, Lululemon’s annual half-marathon). So, #OmTheBridge or #ShunTheBridge? Weigh in below.