Berkshire Hathaway has pulled out of a proposed large investment in the liquid natural gas pipeline near Quebec’s Saguenay port. Warren Buffetts’s investment company had been planning to invest $4 billion in the project.
The $9.5 billion LNG project is meant to be built about 230 kilometers northeast of Quebec City, according to CBC News. The marine terminal will be used to ship LNG overseas from the Saguenay port.
GNL Quebec’s head of communication Stephanie Fortin previously noted that the company had lost a major potential investor, but did not specify who.
She said that the reason the investor backed out was due to the “current Canadian political context.”
Fortin added that foreign investors are becoming nervous because of the “instability” in the country, caused by the ongoing anti-pipeline blockades.
Fortin said that the project will move forward and no job losses are projected in the immediate future. Fortin noted that the loss will leave a big impact.
The LNG project will involve the building of a pipeline from Northern Ontario to Saguenay. It will be 782 kilometers and used to bring natural gas from the west.
Eleven million tonnes of LNG is expected to be exported per year.
Saguenay’s deputy mayor Michel Potvin told Radio-Canada that losing the investment will be a major setback.
“It’s concerning when we talk about an investor putting in $4 billion of $9 billion. It’s clear that Mr. Buffet has good reasons. We’re seeing the rail crisis — that’s surely one of the reasons.”
Potvin said that he understands Buffett’s decision given that the Coastal GasLink pipeline is facing major hurdles in BC.
The pipeline is meant to be built on Innu territory, and some members of that community have shown opposition to the LNG project in Quebec.
“It takes the acceptance of Indigenous people,” said Potvin. “In our head, here in Saguenay, we thought we had it. We thought it was accepted by the people. What we’re seeing is that actually nothing is certain.”
Discover more from Watts Up With That?
Subscribe to get the latest posts sent to your email.
Actually, it was BC and Quebec that caused this problem by blocking Alberta oil. This is like cheering when someone vandalizes your neighbors house, without stopping to ask who’s house will be next.
Once Alberta oil was blocked, (with the aid of BC and Quebec), it was only a matter of time before BC and Quebed gas would also be blocked.
And meanwhile Tudeau is taking fiddle lessons from Nero.
The provinces of Canada either stand together to protect their natural resources (which they own) or the federal government will stteal and loot them via environmental regulations.
People need to understand that oil, gas, coal. These are owned by the provinces (states) in Canada. The federal government only owns the offshore resources.
However the federal government controls the natives (Indians) and environmental regulations. These are being used to in effect steal billions of dollars in resources from the provinces and transfer this to the federal government.
This bypasses the need to directly tax Canadians, allowing the federal government to reward their friends and bankrupt their enemies, as a means of maintaining political power.
It is no accident Trudeau is encouraging this process.
What Warren Buffet has realized is what should have been obvious for sometime.
You can spend years. Satisfy every Canadian environmental, safety, industry, zoning, labour standards, etc., etc. regulation. But at the end of the day, there is no legal mechanism to ensure your project goes forward. The final decision is political, and that can change in an instant.
Canada has 90% of the wealth in the hands of less than a dozen families. Are they going to want to see any project go forward that hurts their interests?
I thought this was interesting. Tides is funding the Wet’suwet’en band. But not for blockades
—————————————-
Tides Canada is not funding blockades
By Joanna Kerr
President and CEO, Tides Canada
Tides Canada shares the serious concern of many Canadians around the suffering being experienced by communities due to the conflict of the Coastal Gaslink pipeline on Wet’suwet’en territories.
Yes, Tides Canada has made charitable donations over the years to support Wet’suwet’en environmental and cultural stewardship, including fish tagging and cultural programs.
This information has always been publicly available in our online annual reports, and charitable filings.
We are proud of these contributions.
However, we need to correct information in a recent article by Ellis Ross published in the Times Colonist. Tides Canada is not funding the protests or blockades responding to the Coastal GasLink pipeline.
Read the rest here:
https://www.timescolonist.com/opinion/letters/letters-march-3-don-t-put-museum-in-langford-tides-canada-not-funding-blockades-1.24088872
Not funding for blockades. Wink, wink.
That’s what I was thinking, also.
The statement only said they never fund “direct action”, they said nothing of indirectly funding said “direct action”. You have to understand socio-political speak.
Lawrence Solomon: The divine right of hereditary chiefs to override the desires and needs of their people
The hereditary chiefs are in the pockets of anti-pipeline U.S. Tides Foundation, which funds their activities, and others in the well-heeled environmental lobby
https://business.financialpost.com/opinion/lawrence-solomon-the-divine-right-of-hereditary-chiefs-to-override-the-desires-and-needs-of-their-people
It used to be places like Russia, Africa and South America that had the potential to create unstable political environments that would scare off investors. Now – due to politicians running scared of environmentalists and assorted eco-activists – it’s places like Canada, Australia and Germany that are now more likely to lose investors – and jobs
Some News Articles About Russia Interference
Russian Money Suspected Behind Fracking Protests, New York Times, NOV. 30, 2014
https://www.nytimes.com/2014/12/01/world/russian-money-suspected-behind-fracking-protests.html
Is Putin funding anti-fracking groups? Republicans think so — and so did Hillary Clinton
https://www.salon.com/2017/07/16/is-putin-funding-anti-fracking-groups-republicans-think-so-and-so-did-hillary-clinton/
These provocative images show Russian trolls sought to inflame debate over climate change, fracking and Dakota pipeline
https://www.washingtonpost.com/news/the-switch/wp/2018/03/01/congress-russians-trolls-sought-to-inflame-u-s-debate-on-climate-change-fracking-and-dakota-pipeline/
Intelligence: Putin Is Funding the Anti-Fracking Campaign
http://www.newsweek.com/intelligence-putin-funding-anti-fracking-campaign-547873
Time to Shine a Light on Putin’s American Propaganda Arm
http://www.newsweek.com/time-shine-light-putins-american-propaganda-arm-542642
Putin Is Funding Green Groups to Discredit Natural Gas Fracking
http://www.newsweek.com/putin-funding-green-groups-discredit-natural-gas-fracking-635052, Newsweek, 7/11/17
”The Sierra Club used the Chesapeake Energy money, donated mainly by the company’s chief executive from 2007 to 2010, for its Beyond Coal campaign to block new coal-fired power plants and shutter old ones..” New York Times, FEB. 13, 2012
http://www.nytimes.com/2012/02/14/science/earth/after-disclosure-of-sierra-clubs-gifts-from-gas-driller-a-roiling-debate.html
Russia’s Quiet War Against European Fracking, Foreign Policy, June 20, 2014
http://foreignpolicy.com/2014/06/20/russias-quiet-war-against-european-fracking/
Gasland, Russia and Hysteria Regarding Hydraulic Fracturing, Ambassador Keith C. Smith (ret.) ,February 2014
http://www.unc.edu/depts/diplomat/item/2014/0105/op/op02smith_frac.html
Russia in secret plot against fracking, Nato chief says, Telegraph, 19 Jun 2014
https://www.theguardian.com/environment/2014/jun/19/russia-secretly-working-with-environmentalists-to-oppose-fracking
Foreign Firm Funding U.S. Green Groups Tied to State-Owned Russian Oil Company Rosneft, owned by the Russian state, is the world’s largest oil company / AP Washington Free Beacon, January 27, 2015 5:00 am
http://freebeacon.com/issues/foreign-firm-funding-u-s-green-groups-tied-to-state-owned-russian-oil-company/
Here’s Everything You Need To Know About Allegations US Environmentalists May Have Secretly Taken Russian Cash
http://dailycaller.com/2017/07/10/heres-everything-you-need-to-know-about-allegations-us-environmentalists-may-have-secretly-taken-russian-cash/
Russia in secret plot against fracking, Nato chief says–“Anders Fogh Rasmussen said Russia was mounting a sophisticated “disinformation campaign” aimed at undermining attempts to exploit alternative energy sources such as shale gas”,Telegrapph, 19 jun 2014 https://www.telegraph.co.uk/news/earth/energy/fracking/10911942/Russia-in-secret-plot-against-fracking-Nato-chief-says.html
Saudi Billionaire Prince: Fracking Competitively Threatens ‘Any Oil Producing Country in the World’ CNS News, January 6, 2014 – 5:35 PM
https://www.cnsnews.com/news/article/michael-w-chapman/saudi-billionaire-prince-fracking-competitively-threatens-any-oil
Leaked emails show Hillary Clinton blaming Russians for funding ‘phony’ anti-fracking groups
https://www.washingtontimes.com/news/2016/oct/10/clinton-blames-russians-anti-fracking-groups/
Russia’s Financial Support for Anti-Fracking Groups Is No Coincidence
https://www.nationalreview.com/2017/07/anti-fracking-groups-russia-secret-funding-protects-kremlin-interests/
Lawmakers Cite Evidence Russia ‘Colludes’ With US Green Groups to Block Fracking
http://dailysignal.com/2017/07/10/lawmakers-cite-evidence-russia-colluded-with-u-s-green-groups-to-block-frackin/
Key Republicans call for probe to see if Russia funded anti-fracking groups, Washington Times, Sunday, July 9, 2017
https://www.washingtontimes.com/news/2017/jul/9/lamar-smith-randy-weber-anti-fracking-groups-fundi/
Green Groups Go Red, Team With Putin To Fight Fracking
https://www.investors.com/politics/editorials/environmental-groups-take-russian-money-to-oppose-fracking/
Matt Damon’s Anti-Fracking Movie Financed by Oil-Rich Arab Nation
“Promised Land was also produced “in association with” Image Media Abu Dhabi, a subsidiary of Abu Dhabi Media, according to the preview’s list of credits. A spokesperson with DDA Public Relations, which runs PR for Participant Media, the company that developed the film fund backing Promised Land, confirmed that AD Media is a financier. The company is wholly owned by the government of the UAE.”
http://dailysignal.com/2012/09/28/matt-damons-anti-fracking-movie-financed-by-oil-rich-arab-nation/
The credits on Gasland say it partly financed by one of the Middle East oil producers.
https://www.dailysignal.com/2012/09/28/matt-damons-anti-fracking-movie-financed-by-oil-rich-arab-nation/
Stronger Law on Foreign Agents Eyed Amid Russia’s Links to Green Groups
http://dailysignal.com/2018/02/14/stronger-law-on-foreign-agents-eyed-amid-russian-links-to-green-groups/
Lamar Smith Claims Russians Are Backing Environmental Groups Attacking Fracking
https://science.house.gov/sites/republicans.science.house.gov/files/documents/06_29_2017%20CLS%20%26%20Weber%20-%20Mnuchin.pdf
Treasury Dept Asked To Investigate Reports That Russia Funneled Millions To US Environmental Groups
http://dailycaller.com/2017/07/07/treasury-dept-asked-to-investigate-reports-that-russia-funneled-millions-to-us-environmental-groups/
Smith and Weber quote sources saying the Russian government has been colluding with environmental groups to circulate “disinformation” and “propaganda” aimed at undermining hydraulic fracturing. Commonly called fracking, the process makes it possible to access natural gas deposits.
http://dailysignal.com/2017/07/10/lawmakers-cite-evidence-russia-colluded-with-u-s-green-groups-to-block-frackin/
The Russian Collusion Story the Media Ignores – Russian funding of U.S. environmental groups shows how collusion is done.
https://spectator.org/the-russian-collusion-story-the-media-ignores/
U.S. Energy Markets: The Real Russian Meddling the Media Ignores – Still counting on the American left’s useful idiots.
https://spectator.org/u-s-energy-markets-the-real-russian-meddling-the-media-ignores/?
Hillary and Lamar: A Meeting of Minds on Russian Collusion – America’s anti-fracking enviros had a strange benefactor.
https://spectator.org/hillary-and-lamar-a-revealing-meeting-of-minds-on-russian-collusion/
The Centre for European Studies found that the Russian government has invested $95 million in NGOs campaigning against shale gas. Russia Today television ran endless anti-fracking stories, including one that “frackers are the moral equivalent of paedophiles”. The US Director of National Intelligence stated that “RT runs anti-fracking programming … reflective of the Russian Government’s concern about the impact of fracking and US natural gas production on the global energy market and the potential challenges to Gazprom’s profitability.” Pro-Russian politicians such as Lord Truscott (married to a Russian army colonel’s daughter) made speeches in parliament against fracking.
https://thecritic.co.uk/issues/december-2019/the-plot-against-fracking/
20 elected native representatives v. 5 “hereditary” reps or 80% approval? Sounds like overwhelming support. Seems as though the current Canadian leadership requires unanimity to do something they inexplicably don’t want do and the agreement of a few to do something they want to do.
Governments taking their cues from protestors are all the power protestors need to have a government by the few and a country that runs only on protest.
This was posted on TRUE NORTH yesterday.
https://www.desmogblog.com/sites/beta.desmogblog.com/files/RCMP%20-%20Criminal%20Threats%20to%20Canadian%20Petroleum%20Industry.pdf
Desmog is a creation of Jim Hogan the backer of the Suzuki Foundation…
The CBC has to publish it but bury it…
https://www.cbc.ca/news/politics/mohawk-settlement-240-million-1.5487814
Cabinet approves $240M Mohawk settlement for 132-year-old land claim… Yep.
What a coincidence!
Meanwhile the same CBC publishes drivel such as this one:
https://www.cbc.ca/news/canada/british-columbia/pipeline-safety-canada-prince-george-blast-1.5487664
Canada has enough pipelines to circle the globe several times. Can they ever be incident-free?
Yes, pipelines have to be perfect or not built.
What’s next that needs to be perfect 100% forever in order to be built? Funded?
A public broadcaster’s integrity?
LOL
Beware of confusion of terminology of natural gas in pipelines.
Natural gas comes out of the ground in compressed gaseous state, and is transported long distances in that state (with compressors enroute).
For shipment by boat it is liquefied by cooling it, given thermal heating you wouldn’t want to have a long pipeline of it.
(Trivia: If you drive the Pine Pass highway between Prince George and Dawson Creek you can get a glimpse of compressor stations, one is close to the road and above it.
That pipeline was built in the 1960s to take natural gas from NE BC to populations in the lower mainland of BC. And beyond – there’s a spur in the Fraser Valley at Sumas Wlike A, where there is an electricity generating plant using NG. If Anthony has natural gas for heating he’s probably benefiting from that pipeline.
That pipeline was twinned, unfortunately without adequate separation, when one pipe blew up flow in the other was restricted as a precaution until it was checked for condition and cause of the explosion scoped. Kilns such as at the University of BC and some industrial plants had to shut down. Some users were able to shift to diesel fuel or other sources like wood discards. An incentive to have a backup source of fuel (a cement plant near Vancouver BC will get a supply of biosolids from the new sewage treatment plant in emVictoria BC)..)
Pipeline project was ‘hijacked’ by ‘group of five guys,’ former Wet’suwet’en hereditary chief tells MPs
The hereditary chiefs were being supported by environmentalists who were disrespecting the rest of the Wet’suwet’en community, Tait Day said
Speaking at a House of Commons committee meeting, Tait Day said the decision last month to meet with hereditary chiefs was a mistake.
“The government has legitimized the meeting with the five hereditary chiefs and left out their entire community,” she said. “We can not be dictated to by a group of five guys.”
Crown Indigenous Relations Minister Carolyn Bennett met with a group of hereditary chiefs from the Wet’suwet’en community in Northern B.C. last month after weeks of crippling railway blockades.
Read the rest here;
https://vancouversun.com/news/politics/pipeline-project-was-hijacked-by-group-of-five-guys-former-wetsuweten-hereditary-chief-tells-mps/