Warren Buffett’s exit from $9-billion Quebec LNG project after rail blockades ‘a signal’ to investors – by Geoffrey Morgan (Financial Post – March 10, 2020)

https://business.financialpost.com/

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.”

For the rest of this column: https://business.financialpost.com/commodities/energy/warren-buffett-reportedly-pulls-out-of-lng-project-in-quebec-due-to-challenges-in-canada

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