Written by Grant G
Boy oh boy, how does one get around Vancouver city and the burbs when there are road closures and diversions everywhere, all caused by a myriad of Bollywood movie productions, ...just kidding, $20 million dollars flushed down the toilet on a Bollywood award show, political pandering and vote buying on the taxpayer`s dime...
"In my heart I am Filipino"... ......."I would rather by a MILF than a cougar"..."LNG, a $trillion dollar once in a lifetime opportunity"....
Christy photo-op vote buyer say anything but the truth Clark,........We don`t care about your religious faith Christy, whether you be Filipino, Indian, Islamic, Muslim, Catholic and or...as we recently found out..Jewish.
British Columbia wants some simple answers to simple questions, ....Like perhaps...How long can we continue to claim a balanced provincial budget when our provincial debt is rising by over $5 billion dollars per year?..
"LNG will eliminate our provincial debt, ....LNG will fund a $100 billion dollar prosperity fund..LNG can eliminate road tolls, bridge tolls, pay for new schools, new hospitals and possibly even eliminate our provincial sales tax".....
We need answers to LNG industrial sized questions Christy Clark.....
Christy.....Why are we contemplating building Site C dam for an estimated $12 billion dollar taxpayer cost when LNG companies have already stated that they will be burning natural gas for their power needs?
Christy...Rich Coleman has stated, and I quote...
"LNG energy companies already know what rate our proposed provincial LNG tax is".....Christy..if that is true how come British Columbia citizens don`t know, how come every energy pundit, every energy industry representative including the University of Calgary..including Jack Mintz, including the Vancouver board of trade have all stated that any added tax beyond provincial royalties at the wellhead are a non-starter...
Christy Clark......An LNG industry....What is in it for British Columbia?
Since our domestic media has no balls, won`t ask questions, a group of club members where tough follow-up questions towards BC Liberal politicians are not only banned but taboo..
What we do know about BC`s LNG industry....Not one final investment decision from any LNG/gas company...LNG plants once built employ a mere 200 to 300 persons on a full-time basis....
We know you Christy Clark lied about employment numbers related to LNG extraction and production, exaggerated those numbers by a factor of 10....not 100,000 jobs but maybe 10,000 ..that is if 8 LNG plants actually get built..
Christy..We know you are lying about GHG emissions related to LNG..if any plants are built and burn gas to freeze their gas any GHG reduction targets are gone, out the window, you can waffle, blather and silently fart all the messages you want about cleaning China`s airshed at the expense of British Columbia`s...Truth is....BC Liberals don`t give a rat`s ass about China`s air quality, and apparently not BC`s air quality either.... only re-election..
We know Kitimat`s airshed at the most could handle 2 LNG plants..So stop talking about 4 or 5 or more plants in Kitimat, the same thing goes for the Prince Rupert airshed....So stop talking about a dozen or more LNG plants in Kitimat and Prince Rupert..
British Columbia also wants to know why you Christy Clark in recent days signed a memorandum of understanding with China that grants them permission to use foreign temporary workers for LNG plant construction...
Isn`t that putting the cart before the horse?...I didn`t see any provisos in the announcement about temporary workers that stated...If 3 or 4 projects are going simultaneously temporary foreign workers will be allowed, ..or 2 or 3 projects being built simultaneously....You Christy Clark granted carte blanc permission to China that foreign workers are A okay...
Christy Clark........Do we not have enough tradepersons to accommodate construction for even 1 LNG plant?..Shouldn`t the temporary foreign worker debate and or permission to use them only come after a problem arises, like perhaps if there was actually multiple projects being built at the same time and shortages reared their head?
I read an article the other day where northern municipal communities have created an alliance, an alliance of towns wanting their 3% share of a mythical $100 billion dollar prosperity fund....funny, didn`t those communities hear.....?...That $100 billion dollar prosperity fund has already been downgraded to a $30 billion dollar prosperity fund, a 70% decline before ......before anything is built, proposed, projected, it`s not a good sign......!
A $12-million provincial offer to Gitxsan chiefs to clear the way for gas pipeline development is inadequate and ill-timed, community leaders say.The offer is part of the B.C. government’s efforts to reach agreements with at least 30 First Nations in northern B.C. to allow billions of dollars of liquefied natural gas plants to go ahead. Premier Christy Clark has made developing LNG to export to Asia as the underpinning of her economic plan, promising five plants to create thousands of jobs and fuel a $30-billion prosperity fund."
This is what happens when you promise and pretend a $trillion dollars is up for grabs...
Even BC Liberal promoter and pom pom girl Keith (balderdash) Baldry can`t keep a straight face when it comes to propagating the industrial sized LNG lie...LIES.
Before I get to the crux of the matter...
In recent weeks, that highly advertised during our provincial election campaign prosperity fund, that $100 billion dollar figure has been cut by 70%...any revenue from a separate LNG tax, not our traditional royalty regime but that separate tax is over...
From an industry insider off the record.......After Australia dumped their carbon tax regime and reduced industry costs the BC Liberal Government has behind closed doors scrubbed any talk or implementation of any LNG taxation beyond traditional royalties......So desperate are Christy Clark and the lying BC Liberals to get shovels in the ground that they have silently scrapped their tax..not quite sure when they plan to tell the taxpaying public about this latest development...perhaps we will be informed after a future Government discovers only cobwebs where $billions were supposed be accruing interest in our LNG secret vault..
Are you shocked yet?
What caused our BC Liberal government to scrap their proposed separate LNG tax?
Japan has okayed the restart of 2 nuclear plants and.....and can even more restarts be far behind..
Reactor restarts would aid Japanese recovery
China and Russia inked a massive deal for a longterm cheap natural gas supply coming via pipeline from Russia direct to China, no liquefaction, no expensive LNG plants required..
Australia has enough capacity coming online in the next 3 years to flood the pacific basin with LNG, ...and under industry pressure Australia scrapped their carbon tax, making British Columbia an outlier...
Japan`s future forecast for LNG is in decline.....China has secured cheap supply from Russia...Over capacity and over supply are not myth but reality..
British Columbia proposed LNG projects have been unable to secure any longterm energy buying contracts at a price that is profitable...
Christy Clark.....British Columbia wants the truth on LNG, what is in it for the taxpayer, how many jobs, when, how much water is to be despoiled, how many holes drilled, how much methane will be escaping into our atmosphere, ......We want the truth Christy Clark, not spin, not hyperbole, not bluster, blather, bafflegab and exaggeration, ....We want The Straight Goods..
Hedge funds.....New York hedge funds lend money for a price, they operate 2 different ways...They lend monies to companies with the ability to repay and sometimes they lend money to companies in the hopes they default on repayment thus opening the door for the hedgefund to takeover and or claim the asset..
The silent truth....Breaking news, a New York hedge fund has told Apache Energy to dump their money losing LNG assets or be denied a loan....!..Thus Apache Energy has dropped out of the Kitimat LNG project, they were partnered with Chevron and this particular proposal/project was the furthest along in terms of design, site location and pipeline route....!
So what does this tell us, between the lines, ...It tells us that this New York hedge fund sees no profitability from building a LNG plant....For if this Hedgefund saw the potential for big monetary returns they wouldn`t have told Apache in no uncertain terms....Dump your money draining pits or you get nothing....
It also tells us that New York Hedgefunds are not interested in acquiring any LNG plants still not built and without longterm energy buying contracts...
We also know that EnCana gas has dumped all their British Columbia natural gas and LNG assets ...Why?
(Read the first linked article below)
We also know Ziff energy has placed all their BC natural gas assets on the auction bloc....Why..
We also know that shale gas plays/ natural gas plays were a Wallstreet moneymaker for insiders, natural gas mergers and acquisitions were the flavour of the day as got Balls/Wallstreet attempted to lure investors in....That game has fizzled..
Here is what British Gas(BG Group) stated 2 years ago about construction jobs and fulltime plant workers if they built their project...
"BG intends to build a facility on Ridley Island capable of producing 21 million tonnes of LNG a year. Called Prince Rupert LNG, it would be built overseas in modules and shipped to Prince Rupert for assembly.
Even so, the plant would create 3,500 jobs during construction,
250 permanent direct jobs and another 250 spinoff jobs.
BG says it is planning to build it in two phases, beginning in 2016.
The first phase — two seven-million-tonne-a-year processing units, or trains — is to be completed by 2021"
And here is what Rich (gassy) Coleman and Christy Clark said about LNG employment numbers during our provincial election.....
"LNG facilities are currently proposed by business groups that include some of the world`s biggest energy companies-Shell, Imperial, Chevron, British Gas, Petronas, SK & and ES of South Korea, Inpex and the Chinese National Offshore Oil Corporation, to name some of the major players, it`s no fantasy.
The projects mean 39,000 jobs to British Columbia during construction with another 75,000 full time jobs created once in operation. We can create 1 $trillion dollars in economic activity and create the BC Prosperity fund with $100 billion over 30 years.
An opportunity this good faces lots of global competition. Premier Christy Clark and Today`s BC Liberals have worked diligently to enable LNG as an economic generator for decades to come."
(BC Liberal platform at below link)
Christy Clark`s vote-getting LNG fantasy has fallen apart, threads so worn, holes, patches and spin will not keep this sick joke atop our domestic media headlines any longer, the truth is coming out fast, ...
Will our media forget about LNG, like it never happened, ....?
PETRONAS....This company is nothing but a scam artist...So many headlines, headlines like...PETRONAS to invest $35 billion dollars over 30 years in British Columbia
Yet PETRONAS hasn`t invested any money in British Columbia...It has been advertised that PETRONAS has invested $6 billion dollars in British Columbia so far, but they haven`t, they bought Alberta company Progess Energy for $6 billion dollars, that isn`t investment, Progress Energy was already here, already playing in northeast British Columbia, changing the name on ownership papers of Progress Energy is not investment, investment is building a new company, not flipping titles..
PETRONAS....PETRONAS is the Malaysian government, PETRONAS delivers the Malaysian government 45% of their yearly budget, the Malaysian Government depends on PETRONAS for vast sums of money...Does Malaysia the country have banks?..I ask that question because...
Banks, hedgefunds, investment institutions do lend money...Banks lend money on short term and long term basis...The shorter the term the lower the repayment costs, if a bank lends say...say $15 billion dollars and the repayment term is over 30 years the interest rate is high, the cost prohibitive, interest premiums large, bankers know that any company borrowing that kind of money for an industrial project, an industrial exporting energy project know that interest costs will have to be built into the cost of doing business, and that any multi-national energy company in the same business, in this case the LNG exporting business, a company with deep pockets like Chevron, Exxon or British Petroleum, companies that use their own money to build projects will have a huge financial edge over companies requiring borrowing vast sums, or in PETRONAS`s case, borrowing the entire cost of their proposed British Columbia LNG project...
PETRONAS has not asked any New York hedge funds for a longterm loan, they haven`t asked Malaysian banks, PETRONAS has asked Canadian Banks to loan them the money, ....
Why.....Banks do not want the asset, meaning getting funding for LNG projects without longterm buyers is delusional, why....Why when PETRONAS talked about investing $35 billion dollars in British Columbia, all the headlines, 2 years worth of PETRONAS headlines, all the money they were going to invest, how come only now when all this bad LNG news has come to the light of day do we find out that PETRONAS will only proceed if Canadian banks take all the risk and lend PETRONAS $15 billion dollars over 30 years....
In other words PETRONAS wants Canadian banks to risk their money, PETRONAS isn`t putting up any money and if it flops Canadian banks would be left holding an empty bag...And we know what banking and lending firms think about the prospect of LNG riches..
They just told Apache to dump their dogged LNG investments or get no money...And Apache Energy obliged....Kitimat LNG is now on the ropes and Apache Energy doesn`t care., they need a loan..
Between the lines folks....PETRONAS is out too, Malasia`s national bank won`t even lend them the money....PETRONAS, rather than just scrubbing the project they are attempting to save face by using the bank denying lending them money as an excuse to bail out...And if the banks are stupid enough to put all their money at risk so be it......Canadian banks will not lend this money..
Christy Clark, we don`t care if you are Filipino, Muslim, Islamic, we couldn`t care less if you are Catholic, Jewish or a Bollywooder, you can be a cougar or a MILF looking for brassballs doesn`t matter, all we British Columbian`s want is the truth, the straight goods, ...LNG is a lost cause?..If there are ne real benefits except a few longterm jobs just walk away, if taxpayer subsidies are the order of the day just walk away, or run....
P.S. ......Oh, by the way....The BC Liberals and Christy Clark so don`t want to talk about a defunct never got off the ground LNG industry, on the same day Apache announces they are out of British Columbia leaving Kitimat LNG project high n dry the BC Liberals have created a headline changer/diversion to change the media channel......That channel changer is a proposed $40 dollar a day childcare credit if schools don`t open up in the fall of 2014......You are so transparent Christy Clark....Why would you even make that suggestion?....And do you think those childcare spaces/openings actually exist...for hundreds of thousands of students?....Fluff, noise, look over here, not there,......don`t look Ethel......Too late..
The Straight Goods
Cheers Eyes Wide Open