Written by Grant G
As many of you must have heard......Steelhead LNG has stopped all activity at their proposed "Floating LNG plant" Sarita Bay location.
This is not a surprise, this proposal was always a ponzi scheme, a pump and dump operation...
Contrary to media reports, Steelhead LNG is NOT an LNG company, they have no assets, no lng infrastructure, they have no part of any energy operation, as such they have no revenue...
Steelhead LNG is a group of people(Swindlers) looking for investors to buy in, to purchase everything, that now includes Nigel Kuzemko CEO/Executive Chairman asking the B.C. government to build a pipeline(s) and deliver gas to their very westcoast location, on the taxpayers dime...
(Pictured above is Nigel Kuzemko)
Here is their website....
Here is what I wrote about Steelhead LNG group in 2015...
"A fool and their money soon part ways".....
Seems to me that every time devastating news on the world LNG front rears its head out comes a British Columbia made LNG spin story, yesterday was no different, articles and newscasts came out blazing, ...The proponent,...Steelhead LNG
Steelhead`s proposal, a floating LNG operation at Sarita Bay, on Vancouver Island's Westcoast.. a $30 billion dollar LNG liquefaction plant...the nearest town of size is Port Alberni....but it's a long rugged way there..
This proposal will never happen, never be built, a foolish pipedream, ...Steelhead LNG is not an energy company, they have no assets, they own no LNG facilities, they own no upstream drill properties, Steelhead LNG is a group of people, including BC Liberal Geoff Plant, and some other people with expertise in the energy game, but to be clear they have no financial means to back up their silly proposal..
I feel bad for Vancouver Island First Nations who have drank the LNG koolaid...
Steelhead LNG proposes a pipeline from northeast British Columbia to our southern B.C. coastline, from there another pipeline on the bottom of the Georgia Straight, from there a pipeline to cross Vancouver Island to BC`s wild west coast, (Sarita Bay)...In Sarita Bay Steelhead LNG proposes building a $30 billion dollar liquefaction plant,......
This project will never happen, for two reason, the first being the risk to tourism, to salmon, to life itself....
The second reason why the project will never happen is money, Steelhead has no financial means and no bank or money lender will ever sanction such an expense on a company with nothing, no assets, no revenue....
Steelhead LNG used First Nations as pawns in this scheme, all the talk of bringing economic benefit to this very westcoast First Nation....Too bad many in the nation drank the kool aid..
The problem with Steelhead's proposal is twofold, logistics and money...they have no money, no revenue (outside of duped investors)...Steelhead grifters were hoping to seed this project with scant dollars, big announcements and First Nation pawns...pretend the project was a go-ahead until it wasn't, then lean on the BC Government to expend $billions on multiple pipelines and deliver gas to their very pristine rural westcoast location...
Steelhead's proposal would require three pipelines...one pipeline to bring BC's natural gas from Northeast B.C. to the coast...Then lay another pipeline under the Georgia Straight(Salish Sea)...Then build another pipeline across Vancouver Island's rugged untamed terrain to the very West Coast, to Sarita Bay in Barkley Sound....
Three pipelines, estimated pipeline costs.....$12 to $14 billion dollars....Steelhead LNG now wants the B.C.- John Horgan Government to build these, pay for these and deliver the gas to Steelhead's 100% Chinese built (on a huge barge) "floating facility" located three pipelines away on Vancouver Island's very West Coast...
That is laughable, and that was always Steelhead's plan...dupe some fools, dupe some government to deliver BC natural gas on a platter to Steelhead's chosen site..!
What makes Steelhead's proposal so stupid, so economically un-viable is...A floating facility could be placed anywhere...Steelhead could move their floating facility to Prince Rupert, thus requiring only one on-land natural gas pipeline..saving the company many $billions of dollars...
Nigel Kuzemko CEO/Executive Chairman of Steelhead LNG has not even considered this alternative, instead Nigel Kuzemko today on Global BC news stated....There is poor investment sentiment in BC and he would like to see the BC Government partner with industry to build pipelines..
There it is folks...The ponzi scheme's last plank...rev up the media, explain none of the logistical and economic blocks..rev up First Nations on Vancouver Island's Westcoast...promise all this economic prosperity to First Nations...make all these premature milestone announcements how this "floating LNG terminal" is advancing and then....
And then spring it on the media, spring it on Government, tell the bad news to the "duped" First Nations and then let it simmer..then go back to the media and tell them all can be salvaged if the B.C. Government delivers the gas, builds the pipelines, rips up Vancouver Island's rugged and super natural terrain and delivers us natural gas....
And if the BC Government was stupid enough to actually do it...Then Steelhead's LNG group of ponzi scammers could raise enough capital to actually purchase a 100% Chinese made floating LNG liquefaction terminal and reap the rewards..
of all the media reports on this...from Bloomberg, the CBC..Global..Alaska Highway News, Times Colonist, only one report(besides The Straight Goods) is even close to being accurate...That was
Alberni Valley News....here is what they reported..
"Steelhead LNG manager of communications Matt Skinner said the decision to cease work on the Kwispaa project comes down to economics. “Given the current environment in B.C., investors really need a greater degree of certainty before investing in a project such as ours,” he said Monday. “We’ve paused (work) on Kwispaa for now and are evaluating.”
He said unlike larger energy companies, Steelhead does not have revenue to depend on to fund projects such as Kwispaa. “Steelhead is funded by investors.”
He said last week’s throne speech by the B.C. government had no bearing on Steelhead’s decision. “It comes down to the challenges that exist in getting funding for these kinds of activities.”
Steelhead had already completed preliminary engineering on Kwispaa and was to begin detailed design work in early 2019. The first phase of Kwispaa was estimated to be $10 billion, with the second phase costing an additional $10 billion. This would not have included a pipeline, which was a separate part of the LNG project.
Huu-ay-aht will evaluate what the decision will mean to their business plans in the coming days and said they will update their citizens with more information at the end of February.
“Huu-ay-aht remains committed to pursuing initiatives for meaningful economic reconciliation where we create opportunities to generate value in a global context and create employment and revenue opportunities locally,” Dennis Sr. and Peters wrote.
Skinner said Steelhead LNG has not completely pulled out of the deal, but there are no plans to continue forward at this time.
“At this point we’ve ceased work. That’s not to say it will never move forward but right now we’ve ceased working on (Kwispaa).”
Steelhead LNG can remove these expensive pipeline issues by locating to Prince Rupert...Kitimat..Dish Cove, Ridley Island...But they're not...This was always a pump and dump scam...either that or they thought by conning First Nations, promising economic prosperity, announcing a series of milestones crossed they could convince a naive BC Government to expend $billions of dollars to deliver natural gas to a fly-by-night group of private investors without a pot to piss in.....
Because....A floating facility could and can be located just about anywhere, anyone with money or money guarantees can order a floating LNG liquefaction facility, all one needs is money...The most difficult, and most expensive part of Steelhead's proposal was the PIPELINE(s) issues and environmental assessments, three pipeline require three environmental assessments...a mainland pipeline route, a underwater pipeline route and a Vancouver Island pipeline crossing route...those pipelines are the logistical nightmare, those issues needed to be resolved first...and the fact that Steelhead did the reverse first, garnering First Nation support..convincing a community, selling economical miracles and only then saying....Oh my god, how can we get gas, and who will build and pay for these three pipeline projects.....The gig is up Steelhead....
My sincere condolences to the Huu-ay-aht First Nation......Time to move on to something real, and sustainable..
This project is dead....To those investors who actually put up the seed money to these con artists..I have one thing to say to you..
"A fool and their money soon part ways"
The Straight Goods
Cheers Eyes Wide Open
Well said. This LNG dream, really nightmare, is being carried. As you correctly state, it is a losing gambit in every way, except for the people who want rake up tax payer's money.ReplyDelete
And then you read this:ReplyDelete
What the hell is the NDP doing? How do you get rid of natural gas in homes except as we all know, price the hell out of it and force people to do who knows what? I guess take the insert out and go back to wood, that would be me. JC, what's with this fricking government?
Been an NDP supporter all my life, but honestly, we need "independents". No more one side wins, the other side wins. Time for change.
Thanks 8:50 am.....There are some strange dynamics going on...but the bottom line is..John Horgan is a fraud...if you don't know..Gortis gas is halfway through a massive $500 million dollar upgrade to their residential natural gas pipeline grid...in other words..Fortis BC is expending $millions so BCers can access natural gas, ...why would Fortis do that if natural gas is going to be phased out?..and if nat-gas is to be phased out...why haven't city building codes through out BC prohibited installing natural gas infrastructure in new buildings?..because Horgan and "Clean BC" is a fraud....Horgan's climate targets(decades away) rely on everyone going to electric cars...that may happen, but that has nothing to do with Horgan...if those EV cars come, and are efficient people would convert anyway...ReplyDelete
as for incentives/push for people to switch from gas furnaces to electric furnaces and heat pumps...That was popular 15 years ago...However, when BC Hydro raised electricity rates, and brought in a 2 tier rate system...people who did convert to electric and heat pumps switched back to natural gas furnaces to save money...the home i'm in right now has high efficiency gas furnace...single detached homes are already paying 2 tier power rates, it's impossible to NOT get charged a 2 tier rate....if one switches from natural gas furnace to electric furnace and heat pumps...your BC Hydro bill is going to sky rocket...BC Hydro are set to rise this April 1..and every year forever...especially with Site C bills coming due...
John Horgan is a fraud....LNG Canada's liquefaction plant being built in Kitimat..it will be using electricity for minor power needs only...liquefaction will use natural gas to liquify the gas...making LNG Canada's lng terminal Canada's most prolific single point GHG emitter....John Horgan is perpetrating a massive fraud...relying on EV cars and everyone going electric for everything to TRY and make a DENT in LNG Canada's GHG emissions...and unfortunately Andrew Weaver is complicit with this fraud....we had a 2020 GHG reduction law in place...B"By law, BC must reduce GHGs by 33% from 2007 levels by 2020"....BC Liberals ripped up that law because they were pursuing LNG, and even without LNG we weren't going to meet those targets...fast forward to Horgan gaining power...he didn't reinstate that 2020 target...he created new targets for 2030 and 2050....Horgan will be long gone before then..Horgan won't be around when the Site C bills come in(2025 and beyond)..and Horgan won't be around when these gross ugly polluting dirty LNG plants fail to pay BC anything for our resource.....You are absolutely right....Horgan's government might be a little kinder on social spending, but when it comes to lying about emissions, selling out to the his corporate masters...not giving a shit about the environment...When it comes to the big issues, John Horgan is a much a conman fraudster government as the one before him(BC Liberals).....Horgan can go to hell...and people won't be switching from gas furnace to electric...and Horgan knows it...Because..Fortis BC is expanding it's residential gas grid at record pace...Cheers
...if one switches from natural gas furnace to electric furnace and heat pumps...your BC Hydro bill is going to sky rocket...BC Hydro are set to rise this April 1..and every year forever...especially with Site C bills coming due...ReplyDelete
Exactly. And how does electrifying the gas fields make them 'clean'?
And why is ok for people in other countries to heat their homes with BC natural gas?
And why is BC exporting so much coal?
if anyone thought people were going to suddenly change from gas to electric to heat their homes, they were using too much of B.C.'s best product. If people have gas and its not breaking the bank, why would you take out a perfectly good furnace to replace it with an electric one or base board heat. it all costs money. By the time people's gas furnaces broke and needed replacing, electrical rates would be very high.ReplyDelete
I am able to heat my smallish home with one gas fire place. the other half of the building is also heated with a gas fireplace. With a gas hot water tank, for the month of Nov. the bill was $68, both side and hot water. why would I change anything? Do governments think people are that stupid.
As you say, Fortis is not replacing gas pipes if they won't be using them in a few years. now those main gas pipes were installed going back into the 1950s and 60s in Vancouver. But still, don't think Fortis would be doing this much work for nothing.
Perhaps Horgan wants to keep Green Weaver happy with the talk of electric cars, but I don't see that happening for another 20 or 30 years either. Why would I get rid of a perfectly good paid for vehicle running on gas, to buy an electric vehicle and make payments again.
Having gone through the power outages in Dec. it was nice to at least have heat with gas. Going all electric, with the source of it so far away, You simply do not have energy security. The same maybe said for gas, however, weather doesn't impede its delivery.
As to the exporting of gas, if a private corporation wants to pay for everything, fine, but not with my tax dollars. These companies get irate when the government spends money on schools, health, seniors' care, homeless people, and then they expect us to put up billions for their pipe dreams. let them buy a bong.