Canada to export LNG to Asian markets

Canadian authorities said they approved an application from an energy company for a license to export liquefied natural gas to Asian markets. Canada\'s National Energy Board said it backed plans submitted by BC LNG Export Cooperative to ship LNG from a port in Kitimat, British Columbia, primarily to Asian markets. The export license is for the equivalent of 84 billion square feet of natural gas per year for a 20-year period. \"In approving BC LNG\'s application, the board satisfied itself that the quantity of gas to be exported is in excess of the requirements to meet the foreseeable Canadian demand,\" the NEB said in a statement. \"The board also determined that the volumes of natural gas proposed to be exported are not likely to cause Canadians difficulty in meeting their energy requirements at fair market prices.\" The independent NEB said there would be a particular economic benefit for regional members of the First Nations Haisla Nation. Canadian authorities had said they would look to Asian markets for export of their natural resources. This came in part from the decision by the U.S. government to postpone a license for the planned Keystone XL oil pipeline, which would carry crude oil from tar sands projects in Alberta to refineries along the southern U.S. coast.