Is India’s Massive LNG Expansion a Great Opportunity for Canada?
Canadian LNG exports are estimated to contribute $7.4 Billion to our economy and raise national Employment by 65,000 jobs per year – once our LNG export terminals are complete, according to The Conference Board of Canada.
A total of 18 LNG export facilities have been proposed – 13 in BC, 2 in Quebec and 3 in Nova Scotia, with a total LNG export capacity of 216 Million tons per year. The earliest terminal completion will be in 2025 – in Kitimat BC.
Meanwhile, India’s middle class is set to grow from 80 to 580 million by 2025. This rapidly increasing demographic is creating a huge demand for larger houses, electricity, gas, and vehicles. To fuel this lifestyle, a massive amount of energy is needed. India has chosen to add LNG to its energy mix because it’s a cleaner energy source and contributes less GHG emissions and smog-producing pollutants.
Currently, India imports 20 million tonnes of LNG with plans of increasing imports to 70 million tonnes in the next 5 years. They also plan on building 11 LNG receiving terminals.
Today, India imports LNG from the US, Qatar and Australia. If Canada wants to be a global player, we need to complete our LNG terminals as quickly as possible if we are to take advantage of this and other opportunities that will in-turn benefit all Canadians.