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CALGARY – It is highly unlikely the government of British Columbia will realize its goal of having three LNG plants up and running on the West Coast by 2020, says a new report from Moody’s.

The report released Tuesday also said the majority of the 18 liquefied natural gas projects proposed for construction in B.C. will be nixed as a result of the collapse in oil prices — which affects the price of new contracts for LNG shipments — and a coming glut of LNG production from places such as Australia.

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“The thing about the B.C. projects is they’re greenfield,” Moody’s senior vice-president Mihoko Manabe said in an interview. Each multi-billion-dollar project would need to be built from scratch at a higher cost than competing projects in the United States.

“They’re in an area where there hasn’t been any LNG trade, which is different from the Gulf Coast, and they’re remote from the pipelines that will bring the supply,” she said.