NP: This week’s decision by Malaysian energy giant Petronas to abandon its plans to develop a liquefied natural gas (LNG) export facility on B.C.’s Pacific Coast is a devastating blow to the local and Canadian economies.
Unfortunately, the Petronas debacle is not an isolated event either. It’s emblematic of a broader, nation-wide problem. Our governments have badly damaged the appeal of Canada’s investment climate. Companies face different regulatory requirements in each province and there are regulations at provincial and federal levels that end up duplicating each other, adding nothing but red tape. Environmental assessments drag on nearly indefinitely.
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