New report casts doubt on revival of Quebec LNG project
MONTREAL — A shareholder advocacy group says reviving a liquefied natural gas export project in Quebec's Saguenay region would be costly and likely unprofitable.
Investors for Paris Compliance says demand for LNG in Europe dropped by 18 per cent between 2022 and 2024, and Canadian exports would have a hard time competing in Asian markets.
A report published this morning says gas production is expected to grow by 40 per cent from 2024 to 2028, driven by projects in the United States and Qatar, and demand is not expected to keep pace.
A project to transport natural gas from Western Canada to an export terminal in Quebec was cancelled in 2021 due to environmental risks and public opposition, but Quebec Premier François Legault has recently opened the door to pipeline development in the province.
However, the advocacy group says inflation could balloon the project's price tag to more than $33 billion, and public money would likely be required.
The group says there are better ways to stimulate the Canadian economy, including integrating provincial electricity grids and mining critical minerals.
This report by The Canadian Press was first published May 22, 2025.
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