VICTORIA - A Vancouver-based company and a Port Alberni-area First Nation have signed a agreement to build a liquefied natural gas export facility on Vancouver Island.

Steelhead LNG Corp., and the Huu-ay aht have announced plans to develop an LNG plant on land owned by the First Nation on the southern end of Alberni Inlet near Port Alberni.

Steelhead LNG Corp., says in a statement the project could represent an investment of about $30 billion.

Steelhead says it is working with pipeline companies to explore options to bring natural gas from northern British Columbia to Vancouver Island.

Steelhead's chief executive officer Nigel Kuzemko says the Port Alberni site is a significant distance from northeast B.C.'s natural gas production fields, but the proposed export terminal offers numerous advantages, including direct access to the Pacific Ocean.

The Huu-ay aht First Nation signed a land-claims treaty with the federal and B.C. governments in April 2011.