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Chevron to Petronas Canada LNG Proposals Get B.C. Tax Cut

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British Columbia is slashing by half a proposed levy on multibillion-dollar liquefied natural gas projects from Chevron Corp. to Malaysia’s Petroliam Nasional Bhd. amid an energy price rout.

Canada’s westernmost province will charge a tax rate starting at 1.5 percent of profits and rising to 3.5 percent after developers recover the cost of building the terminals, Michael de Jong, the provincial finance minister, said today in Victoria. That compares with 1.5 percent and 7 percent proposed in draft legislation in February. In 2037, the top rate rises to 5 percent.