Warren Buffett, one of the world’s most influential investors, has pulled out of a proposed $9 billion liquefied natural gas project in Quebec over concerns about railway blockades and infrastructure challenges.
The domestic oil and gas sector was already reeling after Teck Resources cancelled its $20.6 billion Frontier oilsands project in Alberta last month, partly over fears about rail blockades, and as other strategic investors have avoided the industry.
“Over the last month, a clear signal has been sent to businesses across Canada that the rule of law will not be upheld and that major projects cannot get built,” Conservative MP for Chicoutimi-Le Fjord Richard Martel said in an email, adding that Quebecers “risk losing out” on a multi-billion project.
GNL Quebec confirmed Thursday it had lost a major potential investor as it seeks to build the $9 billion Énergie Saguenay project to export Western Canadian natural gas from a proposed facility in Quebec.
“This was a major private investor who left at the last minute,” GNL Quebec spokesperson Stephanie Fortin said in an interview. “The reason is the recent challenge in the Canadian political context.”