Highbank Resources announces that Chinese-owned Nexen has signed an agreement with the British Columbia (BC) Government that gives it the sole option to purchase Crown land in northwest BC known as Grassy Point, for a liquefied natural gas (LNG) terminal.
Calgary-based Highbank, which was purchased by state-owned China National Offshore Oil Corp (CNOOC) in 2013, agreed to pay the province $12 million as a potential down-payment to secure the deal for 615 hectares of land at Grassy Point. The land is north of Prince Rupert and within 70km of Highbank’s Swamp Point North, Portland Canal aggregate project.
Nexen joins about half a dozen companies that have located land for their proposed LNG projects in BC. Three of the proposals (Australia-based Woodside, South Korea based SK E & S, and ExxonMobil) also include interest in Crown land in the Grassy Point area, for which the province continues discussions.