RE:RE:RE:Petronas Pulls out of Kitimat indefinitelyPETRONAS may have been looking for an out and used this recent upheaval in the energy market to pull the plug. For massive projects like this, day to day prices can only be regarded as “just noise.” It couldn’t have been the real reason but more likely a convenient cover for a litany of other issues that Petronas simply chose not to mention because it would be counterproductive. It could yet be a negotiating stance for expediting loose ends with Federal gov’t et al. For instance B.C’s. employment minister proposal for giving jobs to B.C residents first, then the rest of Canadians and lastly foreign workers. Apart from being a blatant case of counting your chickens before they’re hatched, for the rest of Canadians who are not B.C residents that sure sounds parochial and discriminatory. Now consider how the third tier foreign investor Petronas and their workers would feel. ------------------------------------------------ Bear in mind there are still a number of initiatives out there to build LNG on the B.C coast and although none of them are within 4 years of completion we will not lag the Americans by too much. . There may be 1 or 2 U.S LNG plants up and running by the end of 2015 but others not until 2017 and again in 2019. Much has been done already in the approval process and that blazes the trail for those remaining interests. In the larger picture there are many, many, positives. The consensus has always been that in the end there will only be 4 successful entrants. PETRONAS is merely one of 14 or so on the drawing board. ----------------------------------------------- In an earlier post this summer I said, “It’s possible that PETRONAS, the very first candidate on the horizon, may very well go down; -- guessing that in round one neither side, B.C. Gov’t or PETRONAS will get it right and their failure may pave the way for more realistic negotiations with the subsequent players. Think about it. Can one really expect the needle to be threaded on the first try? To my thinking, -- not in this case.” ----------------------------------------------- In fairness, it hasn’t been easy for Christy Clark to pitch this plan to the electorate and the logistics of accommodating this new industry in the province daunting. But I give the B.C gov’t full marks for their tax regime. They rolled out the red carpet. Read my last Bentek comments re the LNG approvals by the B.C. gov’t. Progress is being made and though I suppose this is mildly disappointing news it’s hardly the end of the world. Let’s not take too much from this experience. ---------------------------------------------- Ferret you are right in what you say. A lot of benefits accrue to Canadians from the energy industry but a lot of Canadians don’t understand that. By the way, check you mail. Fergus