• 5 minutes Covid-19 logarithmic growth
  • 8 minutes Why Trump Is Right to Re-Open the Economy
  • 12 minutes Charts of COVID-19 Fatality Rate by Age and Sex
  • 14 minutes China Takes Axe To Alternative Energy Funding, Slashing Subsidies For Solar And Wind
  • 2 hours Which producers will shut in first?
  • 6 hours How to Create a Pandemic
  • 44 mins TRUMP pushing Hydroxychloroquine + Zpak therapy forward despite FDA conservative approach. As he reasons, "What have we got to lose ?"
  • 8 hours KSA taking Missiles from ?
  • 8 hours There are 4 major mfg of hydroxychloroquine in the world. China, Germany, India and Israel. Germany and India are hoarding production and blocked exports to the United States. China not shipping any , don't know their policy.
  • 9 hours A New Solar-Panel Plant Could Have Capacity to Meet Half of Global Demand
  • 7 hours Trump eyes massive expulsion of suspected Chinese spies
  • 3 hours WE have a suicidal player in the energy industry
  • 4 hours Eight Billion Dollars Wasted on Nuclear Storage Plant
  • 9 hours Breaking News - Strategic Strikes on Chinese Troll Farms
  • 22 hours Today 127 new cases in US, 99 in China, 778 in Italy
The Worst Is Still To Come For Oil Markets

The Worst Is Still To Come For Oil Markets

There isn’t any incentive to…

Buffett Pulls Out Of Canadian LNG Project As Opposition Intensifies

Warren Buffett

Warren Buffett’s Berkshire Hathaway has pulled out of a planned investment in the Saguenay LNG project in Quebec, Canada, suggesting that harder times are ahead for the country’s LNG ambitions.

CBC reports the investment company had shelved its plan to put $3 billion (C$4 billion) into the $7.1-billion (C$9.5-billion) LNG project because of the "current Canadian political context," according to a spokeswoman for the company behind the project, GNL Québec.

Stephanie Fortin, however, added that the pullout of Berkshire Hathaway will not put an end to the project, even if its impact will be felt.

The news is the latest sign that all may not be well for Canadian LNG plans. Last year, there were reports that Chevron was planning to sell its stake in the Kitimat LNG project, as was Australia’s Woodside Petroleum, amid a growing LNG glut. Now, on top of the glut, the LNG industry in Canada has been fighting an uphill battle with environmentalist opponents to every new energy project.

Last month, environmentalists staged a series of railway blockades in an attempt to stop the construction of the Coastal GasLink pipeline that should deliver natural gas to the only LNG project that has started construction: the LNG Canada facility in British Columbia.

Related: Oil Prices Collapse 8% As Novak Tells OPEC+ To Pump At Will

In the second week of February alone, Canadian National Railways had to cancel 400 trains as environmentalists and rights activists blockaded rail lines and ports, as well as road intersections and government offices as a demonstration of solidarity with members of a First Nation, the Wet’suwet’en, who oppose the Coastal Gaslink pipeline.

The railway operator then started shutting off its operations in eastern Canada and its chief executive warned that it would have to lay off up to 6,000 people if the blockades continue, although the layoffs will be temporary.

The blockades only began to be taken down this week, after Wet’suwet’en chiefs reached an agreement with representatives of the federal and British Columbian governments to resolve some of the problems around the Coastal GasLink project. The opponents, however, stand ready to resume the protests if they feel the need to do it, which has substantially heightened the uncertainty around Canada’s LNG plans.

By Irina Slav for Oilprice.com

More Top Reads From Oilprice.com:



Join the discussion | Back to homepage




Leave a comment
  • Bob Can on March 06 2020 said:
    Actually these protester and environmentalist don’t even care about the environment. The Tide foundation is paying then to protest and because Justin Trudeau is trying to get on the UN Security Council he is refusing to do anything about it. Canada is under attack form far left wing radicals that don’t work, who are not even native and don’t care about the environment but are being paid by the Tide Foundation.
    All 21 native Band councils agreed on this pipeline.

Leave a comment

Oilprice - The No. 1 Source for Oil & Energy News