Sukanto Tanoto has always been about creating shared value. Even as a young businessman in the 60s, Sukanto Tanoto was always on the lookout for value, opportunities, and benefits for everyone. It is for this reason he has stayed true to his business philosophy of the 5Cs throughout: creating good for the Community, Country, Climate, Customer, and Company.
The 5Cs, in return for Sukanto Tanoto’s belief, have been a huge driver for his success. Today he helms RGE, an industry giant that manages big resource-manufacturing names like APRIL, Sateri, and Pacific Oil and Gas (PO&G). The good work now looks set to continue, as Sukanto Tanoto went one step closer to creating even more value. This time for the people of Canada, as Woodfibre LNG’s application for a 40-year export license received the go-ahead.
A string of successes for Sukanto Tanoto
The Woodfibre LNG project, managed by Sukanto Tanoto’s PO&G, once in operations, will create substantial good for the local communities in the province of British Columbia and the region of Squamish. Awarded a 25-year export license in 2013, the federal government approved the application for an extension to 40-years.
Woodfibre LNG: what’s so good about it?
Asides from being the cleanest burning fossil fuel, liquefied Natural Gas (LNG) currently provides 9% of Canada’s power. The Woodfibre LNG project, beyond meeting growing demands for cleaner energy sources, will also be good for the locals. The project is worth around CAD 1.8 billion, and will likely add $122.8 million CAD to Canada’s annual GDP. The project, as envisioned by Sukanto Tanoto, will also provide much-welcome local employment opportunities, with PO&G seeking to meet its needs through local firms.
Canada’s Minister for Natural Resources, Jim Carr, also had this to say, “We know there is tremendous demand for natural gas, especially in the fast-growing countries of Asia. The approval of Woodfibre LNG’s 40-year export licence provides certainty for investors while creating jobs for Canadians as the world moves toward a low-carbon future. This project also underscores the significance of working together with First Nations communities, as it will lead to environmental protection and economic benefits for the Province of British Columbia and the Squamish region.”.