Warren Buffett's company bails on Saguenay LNG project because of 'Canadian political context'

[CMichaud]

Interesting....you reap what you sow.

https://www.cbc.ca/news/canada/montr...ject-1.5486517

Warren Buffett's investment company Berkshire Hathaway has decided not to invest $4 billion in a liquefied natural gas (LNG) plant by the Saguenay port, according to Radio-Canada.

The marine terminal to ship LNG to overseas markets is slated to be built roughly 230 kilometres northeast of Quebec City, at a cost of $9.5 billion.

News broke Thursday morning in La Presse that Berkshire Hathaway was walking away from the project.

Stéphanie Fortin, head of communications for the company behind the project, GNL Québec, confirmed the company had lost a significant potential investor, but did not want to say who it is.

She did say, however, that the company lost the investor because of the "current Canadian political context."

She said with "instability" in the last few weeks, such as ongoing rail blockades, foreign investors are getting nervous.

[MountainTi]

The check from Ottawa to Qeeebek is already in the mail

[Bigjohn87]

I hope every industry in Quebec leaves

[HunterDave]

I wonder if this is the beginning of the end for that pipeline. Isn't it Western natural gas that was supposed to flow through the pipeline to tidewater? I think that this is as big a loss for AB as it is for QC. Maybe Quebecers will have a better understanding how the governments that they helped elect are "phasing out" investor confidence in Canada.

[^v^Tinda wolf^v^]

So he’s basically saying he doesn’t like our government
Maybe Justin’s gummy bears tasted funny

[Salavee]

Wasn't Warren Buffett the major shareholder in Trans Mountain ?

[Smoky buck]

Just think about all the smaller projects investors have pulled out of or won’t invest in because of Canada’s instability that are not getting media attention

[Drewski Canuck]

Originally Posted by HunterDave

I wonder if this is the beginning of the end for that pipeline. Isn't it Western natural gas that was supposed to flow through the pipeline to tidewater? I think that this is as big a loss for AB as it is for QC. Maybe Quebecers will have a better understanding how the governments that they helped elect are "phasing out" investor confidence in Canada.

For God Sake lets hope so!!!!

They would have taken worthless gas, liquefied it and sold it off shore for a huge profit. Of course the LNG would have been sold in international waters so that the profits could be banked off shore as well. Lets face it, Quebecers with money aren't keeping a cent in Canada! That is what the rest of us are for!!!

Yes, I do hope that every business in Quebec, especially their James Bay Mining projects, get shut down because of this.

Quebec needs to feel our pain to finally get them to realize the strength of the economy is in everyone's interest. Maybe then the average citizens will take steps to finally end this Separatist ideology and act like a Citizen of Canada.

But in the mean time, Ottawa needs to know that we are leaving. They can have their spoiled brat neighbour to the east to deal with, and the bastard child of BC to deal with.

Drewski

[Grizzly Adams]

No doubt Buffet pulls a lot of weight. Other companies are bound to follow.

Grizz