The Canadian province of British Columbia recently declared that it will promote the liquefied natural gas industry as a means of giving a boost to the region. The area's government stated that it will expedite the approval process for coastal plants, which would be allowed to export liquid natural gas (LNG) for the first time in 2015, Reuters reports. The province aims to establish three plants for processing this natural resource by 2020.
Several companies have participated in generating proposals for the plant development that B.C. is looking to accomplish, according to The Vancouver Sun. Encana, (ECA:NYSE) EOG Resources (EOG:NYSE) and Apache Corp (APA:NYSE) are heading a group of companies that aims to construct a $4.5 billion structure in the city of Kitimat, which will enable them to sell Canadian gas to Asia, a goal they have yet to achieve, Reuters reports.
The interest of both the previously mentioned companies and B.C.'s government in LNG is being fueled by growing demand in Asia and technological improvements that have made extracting the substantial natural gas reserves in the area more economical, according to The Vancouver Sun.