Quote:
Originally Posted by chemgear
http://business.financialpost.com/ne..._lsa=fb0b-a9c6
Canada has lost credibility as an investment destination because of its inability to build export infrastructure, a recently retired senior executive at China’s CNOOC Ltd., one of the country’s top three oil and gas companies, said Tuesday.
After spending $35 billion in Canada’s energy industry when oil and asset prices were high, Chinese energy companies are reeling from the oil crash and cutting jobs and investment. China Investment Corp., the country’s sovereign wealth fund, shut down its Toronto office last month.
After spending $35 billion in Canada’s energy industry when oil and asset prices were high, Chinese energy companies are reeling from the oil crash and cutting jobs and investment. China Investment Corp., the country’s sovereign wealth fund, shut down its Toronto office last month.
“The federal government (in Canada) is a weak government, not like China in comparison,” he said. “Most resources are located only in Alberta … and Alberta is an inland state, they can only transport to the U.S. You go to Pacific, you have to negotiate with B.C. and B.C. has a lot of First Nations. I participated in three (annual LNG) conferences. They continuously talk about First Nations issues. I didn’t see any progress.”
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On this note, Petronas (and partners) have sitting back waiting for approval to spend
$11.4B for an LNG terminal. Coincidentally, it has now been announced that Petronas is cutting $11.4B in
spending. I actually do think the identical numbers is coincidence as there are a number of partners within the Pacific North West project. But,I think we've reached situation critical when it comes to the need for expediting/optimizing our due diligence process.