A day after legendary investor Warren Buffett’s Berkshire Hathaway abandoned an investment in GNL Quebec’s $9-billion Energie Saguenay liquefied natural gas project, frustrated investors and analysts are wondering if there’s anyone left to invest in LNG in Canada — or anything else, for that matter.
“They’ve basically all gone away, haven’t they?” said Cameron Gingrich, director of strategic energy advisory services at Solomon Associates in Calgary, of the major strategic investors in Canada’s nascent LNG industry.
In addition to Berkshire Hathaway, Gingrich said there’s been a long list of foreign strategic investors pull out of planned investments in proposed LNG projects in Canada in recent months and years, including Chevron Corp., Woodside Petroleum Ltd., Exxon Mobil Corp., CNOOC Ltd. and Petronas Bhd., which shelved its Pacific NorthWest LNG project to buy a smaller stake in a project led by Royal Dutch Shell plc.
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