Friday, November 7, 2014

Christy Clark and Rich Coleman Are Attempting to Hoodwimk $billions of Dollars From British Columbia Taxpayer`s Pockets

Christy Clark and the BC Liberal`s LNG fantasy is turning into an exercise in financial stupidity..

The Vancouver Sun ran a short little story about the LNG Canada proposal for Kitimat, their headline is bold..

"Proposed Kitimat LNG Project Will Cost Up To $40 Billion Dollars:Company"

As reported in an earlier post the mainframes and modules for this plant will be built in S. Korea and or Japan....

These energy giants are wanting to and expecting to write off the entire build costs against taxes owed, $billions and $billions of dollars spent in S. Korea to be written off against our country, my gawd..

What that short article linked above also says is...

"There`s an expectation the construction of the plant will contribute $94 million annually and $15 annually in taxes when the facility is in operation" 

$40 billion dollars worth of mainly foreign built facilities Shell Canada wants to write off and in return B.C. and Canada will receive $94 million dollars for 4 years and $15 million dollars annually once up and running....

This is turning into a joke..$15 million dollars annually..

Once again, British Gas told British Columbia if they did build their facilities they would be built overseas and barged to British Columbia..

 ("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" )

British Gas has now deferred any investment decision until after 2020...

Reported here , with a video link...One of the best energy experts and business analysts have clearly stated that these LNG plants WILL NOT BE BUILT IN BRITISH COLUMBIA...THEY WILL BE BUILT IN KOREA AND OR JAPAN..


Look fellow British don`t have to believe me, believe the companies own words..They are telling us that $40 billion dollars will need to be written off ....These companies are telling us that we can expect a mere $15 million dollars per year in tax revenue once in operation..

These companies are telling us that mainframes and modules will not be built here, they will be built overseas and barged to British Columbia.

The LNG plants only employ 100 to 200 persons...a mere 100 to 200 direct jobs...BC Liberals lied about and are lying about how many jobs the LNG industry will employ...

Because, 5 plants would employ 1000 people, 1000 direct jobs, if we were to believe the remaining 99,000 jobs are going to be drilling in the northeast, fracking and drilling..

Let`s assume those 100,000 people drilling in the north are making $100,000.00 ($100K) per year after benefits...

$100,000.00 dollars times 100,000 employees equals $10 billion dollars in wages per year to support 5 coastal LNG plants..$10 billion dollars needed in profits just to pay those employees, per year..

Not counting shipping costs, pipeline costs, not counting paying the shareholders of these energy companies..

The numbers are bogus, the job numbers are bogus...The BC Liberals used a multiplier of 30 for every 1 plant worker whereas a non-partisan US Senate committee used a factor of 3-1/2 workers for every direct LNG plant job..

In other words the BC Liberals, Rich Coleman and Christy Clark are bold faced liars..

Time to pipe up British Columbia...Time to demand the NDP to get to the bottom of these issues..

And it`s time to throw out your newspapers, time to cancel your papers, time to turn off Global and CTV news, time to change your radio station and delete cknw and other enablers..

Japan`s LNG use will fall..2 nuclear reactors have been greenlighted to restart .Thus further driving down the price..



Japan governor approves Sendai reactor


Big trouble down under for Australian LNG companies....


Woodside chief Peter Coleman says oil slump threatens LNG projects

And how is the LNG thingy working for Western Australia, the country`s debt in 2008 when LNG plants started construction was $3 billion dollars, their debt today, $30 billion dollars and Moodys has just downgraded their credit rating, oh indeed, another LNG success story.

What happened in Australia, these LNG companies were allowed to write-off their plant build costs and every project went way over budget, Chevron`s Gorgon plant was budgeted to cost $25 billion, final cost almost $60 billion dollars, a fool`s game, over inflated bids and kickbacks to the company, a mugg`s game designed to make the plants as expensive as possible, by the time Chevron writes off the build cost of their Gorgon plant Australian children of today will be old and gray....

We are talking about too much money and everything is vague and to be decided later, not good enough, we need to have the answers today or we need to end this charade today...We don`t need soft bland interviews, this BC Liberal Government needs to answer questions in a public court, no waffling, no skirting around the questions, we need straight answers or we need to jail our politicians until they tell us the real answers..

The Straight Goods

Cheers Eyes Wide Open


Hugh said...

Govt looks to gdp growth as the way to deal with growing debt. So if something looks like gdp growth, they will jump all over it. Even if there is no actual benefit to BC. Just my theory.

Grant G said...

It`s not going to add to our GDP, it will add to S. Korea`s GDP and add to our massive and growing British Columbia debt.

Anonymous said...

1 TRILLION / 15 million =

only 66,666 years

until the majykal mystikal trillion dollar fund is fully fueled

YAY Christy !

Elwood said...

Grant, another excellent article for what you are renowned for - cutting through the BS and getting to the red meat.

$15 million annually in taxes? WTF?

The BC NDP should be screaming through their lungs and this matter should be on every front page newspaper and every news channel.

You stated that you met and know John Horgan in another article below.

Have you ever approached Horgan, with your knowledge, and asked him if you could volunteer your services as his LNG advisor? Seriously!

Anonymous said...

Politics: the art of deceit and illusion.


Anonymous said...

BC and China signed a MOU deal, to bring Chinese over here to expand the LNG industry.

I read that sometime back in, the Vancouver Observer.

Now that Harper has sold Canada to Communist China? I believe that is exactly what will happen. China will take over the LNG industry and bring their cheap labor, to do so.

45,000 more Chinese were going to sue Harper, to get into BC. So, Harper signed the deal.

JR said...

I wish the MSM would pick up on this and tell us the FACTS. All I see in the MSM is liberal spin. Great job of tunnelling through the bafflegab and getting at the nuggets of truth hidden within. Unfortunately the grasping at straws will continue and BC will be in debt for my kids, grand kids and great grandkids to pay off. This supposed leader has to go along with all her sycophants. I think the next election will be totally different as I cannot see Horgan laying down and playing nice with this bunch. Just quoting facts will be enough to get them tossed but we will still have to pay them a pension for devastating our province. That is not right!