logo
#

Latest news with #MarinvestEnergyCanada

Quebec to 'Carefully Examine' New Proposal for Saguenay LNG Megaproject
Quebec to 'Carefully Examine' New Proposal for Saguenay LNG Megaproject

Canada News.Net

time12 hours ago

  • Business
  • Canada News.Net

Quebec to 'Carefully Examine' New Proposal for Saguenay LNG Megaproject

The government of Premier Francois Legault is promising to "carefully examine" a proposal for a new gas liquefaction plant and terminal in the Saguenay-Lac St. Jean region that would be just as big as the GNL-Quebec megaproject the province rejected in 2021 after years of opposition, Le Devoir revealed in an exclusive dispatch Friday. The proposal by Marinvest Energy Canada, a subsidiary of Bergen, Norway-based Marinvest Energy, would also require a new pipeline through several hundred kilometres of wilderness to connect the plant with TC Energy's Canada-wide gas network, just as GNL-Quebec intended, Le Devoir writes. The gas would be produced by primarily by hydraulic fracturing, or fracking, a methane-intensive process that is prohibited in Quebec. After squashing the previous LNG proposal, Quebec became the world's first jurisdiction to ban oil and gas exploration in 2022. "We believe there is a strong business case for an LNG [liquefied natural gas] project in Quebec aimed at exporting Canadian natural gas to international markets, particularly in Europe," Greg Cano, one of three Marinvest Energy Canada directors and the only one not based in Norway, told Le Devoir in an email. "We believe Quebec can play a key role in diversifying export options for Canadian natural gas, particularly at a time when relying solely on the U.S. market presents increasing challenges." That optimism runs counter to an analysis released just six weeks ago by Investors for Paris Compliance (IPC), which pointed to an expected 40% increase in global LNG production between 2024 and 2028 to argue that there's no business case for a new terminal in Quebec. European LNG demand was down 18% between 2022 and 2024, and the group said Canadian exporters would also have trouble competing in Asian markets, The Canadian Press reported at the time. "Investing in infrastructure that will be very expensive and likely won't be profitable will weaken our economy rather than strengthen it," economist and IPC senior advisor Renaud Gignac told the news agency. IPC warned that inflation could drive the cost of the $18-billion GNL-Quebec project above $33 billion, making it impossible to complete without taxpayer subsidies. "These are considerable investments that mobilize public capital and labour as well," Gignac said. "When you direct resources to this type of project, you make choices, and we believe there are options that could be more profitable in the long term, for both public and private investors." One of Marinvest's identified lobbying targets, Hydro-Quebec, has been going all-in on those other options, with a planned $185-billion investment in renewable energy, energy efficiency, and new transmission over the next decade. Cano also tried to position LNG as "carbon-free" energy, even though methane is a climate super-pollutant with about 84 times the warming potential of carbon dioxide over the crucial 20-year span when humanity will be scrambling to get climate change under control. The Legault rejected the notion that gas is carbon-free in its response to the GNL-Quebec bid, "emphasizing in particular that the project that was to be built in Saguenay risked 'disadvantaging the energy transition' in the countries that would purchase this liquefied natural gas," Le Devoir says. A provincial spokesperson told the paper it was too soon to say whether the project would be eligible for subsidies, and the office of Natural Resources Minister Tim Hodgson wouldn't say whether it would qualify as one of the "nation-building" projects the Carney government is looking for. But "the current context is disrupting several aspects of our economy," a spokesperson for provincial Economy and Energy Minister Christine Frechette told Le Devoir in a statement. "We have always said that if new projects are presented, we are ready to examine them carefully. That is what we will do with this one." The spokesperson added that "social acceptability remains an essential condition for any project, and there will have to be benefits for Quebec." In a release, Greenpeace Canada urged the Carney government to exclude the Marinvest proposal from its list of nation-building projects, while calling on Quebec to "close the door on new fossil fuel transportation and export projects so that it can focus on renewable energy." "We should be building offshore wind farms, not floating fossil fuel plants", said Greenpeace Senior Energy Strategist Keith Stewart. "There is no way that a fossil fuel project with so little consultation and such a weak business case should be on Mark Carney's list of projects that can bypass environmental laws." Marinvest has hired two lobbyists to carry its message to the provincial government, Le Devoir reports, and two in Ottawa, Greenpeace says.

Quebec to 'Carefully Examine' New Proposal for Saguenay LNG Megaproject
Quebec to 'Carefully Examine' New Proposal for Saguenay LNG Megaproject

Canada Standard

time13 hours ago

  • Business
  • Canada Standard

Quebec to 'Carefully Examine' New Proposal for Saguenay LNG Megaproject

The government of Premier Francois Legault is promising to "carefully examine" a proposal for a new gas liquefaction plant and terminal in the Saguenay-Lac St. Jean region that would be just as big as the GNL-Quebec megaproject the province rejected in 2021 after years of opposition, Le Devoir revealed in an exclusive dispatch Friday. The proposal by Marinvest Energy Canada, a subsidiary of Bergen, Norway-based Marinvest Energy, would also require a new pipeline through several hundred kilometres of wilderness to connect the plant with TC Energy's Canada-wide gas network, just as GNL-Quebec intended, Le Devoir writes. The gas would be produced by primarily by hydraulic fracturing, or fracking, a methane-intensive process that is prohibited in Quebec. After squashing the previous LNG proposal, Quebec became the world's first jurisdiction to ban oil and gas exploration in 2022. "We believe there is a strong business case for an LNG [liquefied natural gas] project in Quebec aimed at exporting Canadian natural gas to international markets, particularly in Europe," Greg Cano, one of three Marinvest Energy Canada directors and the only one not based in Norway, told Le Devoir in an email. "We believe Quebec can play a key role in diversifying export options for Canadian natural gas, particularly at a time when relying solely on the U.S. market presents increasing challenges." That optimism runs counter to an analysis released just six weeks ago by Investors for Paris Compliance (IPC), which pointed to an expected 40% increase in global LNG production between 2024 and 2028 to argue that there's no business case for a new terminal in Quebec. European LNG demand was down 18% between 2022 and 2024, and the group said Canadian exporters would also have trouble competing in Asian markets, The Canadian Press reported at the time. View our latest digests "Investing in infrastructure that will be very expensive and likely won't be profitable will weaken our economy rather than strengthen it," economist and IPC senior advisor Renaud Gignac told the news agency. IPC warned that inflation could drive the cost of the $18-billion GNL-Quebec project above $33 billion, making it impossible to complete without taxpayer subsidies. "These are considerable investments that mobilize public capital and labour as well," Gignac said. "When you direct resources to this type of project, you make choices, and we believe there are options that could be more profitable in the long term, for both public and private investors." One of Marinvest's identified lobbying targets, Hydro-Quebec, has been going all-in on those other options, with a planned $185-billion investment in renewable energy, energy efficiency, and new transmission over the next decade. Cano also tried to position LNG as "carbon-free" energy, even though methane is a climate super-pollutant with about 84 times the warming potential of carbon dioxide over the crucial 20-year span when humanity will be scrambling to get climate change under control. The Legault rejected the notion that gas is carbon-free in its response to the GNL-Quebec bid, "emphasizing in particular that the project that was to be built in Saguenay risked 'disadvantaging the energy transition' in the countries that would purchase this liquefied natural gas," Le Devoir says. A provincial spokesperson told the paper it was too soon to say whether the project would be eligible for subsidies, and the office of Natural Resources Minister Tim Hodgson wouldn't say whether it would qualify as one of the "nation-building" projects the Carney government is looking for. But "the current context is disrupting several aspects of our economy," a spokesperson for provincial Economy and Energy Minister Christine Frechette told Le Devoir in a statement. "We have always said that if new projects are presented, we are ready to examine them carefully. That is what we will do with this one." The spokesperson added that "social acceptability remains an essential condition for any project, and there will have to be benefits for Quebec." In a release, Greenpeace Canada urged the Carney government to exclude the Marinvest proposal from its list of nation-building projects, while calling on Quebec to "close the door on new fossil fuel transportation and export projects so that it can focus on renewable energy." "We should be building offshore wind farms, not floating fossil fuel plants", said Greenpeace Senior Energy Strategist Keith Stewart. "There is no way that a fossil fuel project with so little consultation and such a weak business case should be on Mark Carney's list of projects that can bypass environmental laws." Marinvest has hired two lobbyists to carry its message to the provincial government, Le Devoir reports, and two in Ottawa, Greenpeace says. Source: The Energy Mix

Norwegian company has plans for LNG export project in Quebec
Norwegian company has plans for LNG export project in Quebec

National Observer

time15 hours ago

  • Business
  • National Observer

Norwegian company has plans for LNG export project in Quebec

As Canada looks to fast-track major projects that could reduce its dependence on the United States, a new subsidiary of a Norwegian energy company says it wants to build a liquefied natural gas export facility in Quebec. Marinvest Energy Canada says there is a strong business case for an LNG project in Quebec that would supply markets in Europe. The project is in early stages, and the company has not publicly shared many details, but its representatives have been meeting with officials in Quebec and Ottawa for months. The plans were first made public Friday by Quebec newspaper Le Devoir, which reported the development would include a liquefaction plant and marine export terminal, as well as several hundred kilometres of pipeline. Speaking to reporters in Sept-Îles, Que. on Friday, Premier François Legault confirmed that members of his team have met with the proponents of the project, which he said would be located in Baie-Comeau, Que., along the north shore of the St. Lawrence River in the province's Côte-Nord region. But he added the project is "very preliminary." "The first thing we'll look at is the economic benefits. Are there paying jobs for Quebecers? Is there revenue that can flow to Quebecers?" he said. "If it pays off for Quebecers, we'll look at it. If it doesn't pay off for Quebecers, we won't look at it." The news comes days after Parliament passed a major projects bill, which gives the government sweeping new powers to speed up permitting for what Prime Minister Mark Carney calls "nation-building projects." In Alberta on Friday, Energy Minister Tim Hodgson declined to say whether an LNG project in Quebec would be deemed in the national interest. "If Quebec wants to advance that project with the proponent, I'm sure they'll bring it forward and it will be evaluated," he told reporters. The Quebec government rejected a proposal for an LNG facility in Quebec's Saguenay region in 2021, amid widespread opposition to the project. But in recent months, Legault has repeatedly said Quebecers are more open to fossil-fuel projects in the province, due to the ongoing trade war with the United States. Greg Cano, chief operating officer for Marinvest Energy Canada, said there is a "clear and growing demand" for LNG in Europe, and Quebec is "strategically well-positioned to meet this need." "In our view, Quebec can play a key role in helping diversify export options for Canadian natural gas, especially at a time when relying solely on the U.S. market presents growing challenges," he said in an email statement. Marinvest Energy AS was registered in 2020, with its head office in Bergen, Norway. Its Canadian subsidiary was listed in Quebec's business registry last month. It has no employees in the province, according to the registry. Cano is listed as the company's sole Canadian shareholder, with an address in Calgary. Four lobbyists with the public relations firm National have registered to lobby the federal government on behalf of the company. Two are also listed in Quebec's lobbyist registry. In Ottawa, one lobbyist reported an interaction in May with officials from Invest in Canada, an arm's-length organization that promotes foreign investment. Another lobbied Conservative Leader Pierre Poilievre and his Quebec lieutenant, Pierre Paul-Hus, in June. Marcel Furlong, prefect of the regional municipality that includes Baie-Comeau, said the company began discussions with the municipality in early 2025. He said the municipality has not taken a position on the project, and would need more information to form an opinion, including with regard to its environmental impact. On Friday, Greenpeace Canada was quick to express concerns about the plan. 'There is no way that a fossil fuel project with so little consultation and such a weak business case should be on Mark Carney's list of projects that can bypass environmental laws," senior energy strategist Keith Stewart said in a statement. In 2021, the Quebec government axed plans for an LNG plant in the Saguenay region, saying it risked "disadvantaging the energy transition." Quebec's environmental review agency had concluded the project's risks far outweighed its benefits. It found the proponent had failed to demonstrate that public opinion was favourable, that the project would reduce greenhouse gas emissions or that it would accelerate the transition to clean energy. The following year, the federal government also rejected the project, after the Impact Assessment Agency of Canada found it was likely to harm the environment. The agency concluded that the plant would increase greenhouse gas emissions, that increased shipping traffic would harm the beluga whale population, and that there would be negative effects on nearby Innu communities. – With files from Lauren Krugel in Cochrane, Alta.

Norwegian company has plans for LNG export project in Quebec
Norwegian company has plans for LNG export project in Quebec

Hamilton Spectator

time19 hours ago

  • Business
  • Hamilton Spectator

Norwegian company has plans for LNG export project in Quebec

MONTREAL - A subsidiary of a Norwegian energy company wants to build a liquefied natural gas export project in Quebec. Marinvest Energy Canada says there's a strong business case for an LNG project in Quebec to export Canadian natural gas to Europe. The company is offering few details about the project, but an elected official in Quebec's Côte-Nord region says it would be located in Baie-Comeau, along the north shore of the St. Lawrence River. Quebec Premier François Legault says members of his team have met with representatives of the company. Legault rejected a proposal for an LNG facility in Quebec's Saguenay region in 2021, amid widespread opposition to the project. He has said Quebecers are now more open to fossil-fuel projects due to the trade war with the United States. This report by The Canadian Press was first published July 4, 2025.

Norwegian company has plans for LNG export project in Quebec
Norwegian company has plans for LNG export project in Quebec

Winnipeg Free Press

time20 hours ago

  • Business
  • Winnipeg Free Press

Norwegian company has plans for LNG export project in Quebec

MONTREAL – A subsidiary of a Norwegian energy company wants to build a liquefied natural gas export project in Quebec. Marinvest Energy Canada says there's a strong business case for an LNG project in Quebec to export Canadian natural gas to Europe. The company is offering few details about the project, but an elected official in Quebec's Côte-Nord region says it would be located in Baie-Comeau, along the north shore of the St. Lawrence River. Quebec Premier François Legault says members of his team have met with representatives of the company. Legault rejected a proposal for an LNG facility in Quebec's Saguenay region in 2021, amid widespread opposition to the project. Monday Mornings The latest local business news and a lookahead to the coming week. He has said Quebecers are now more open to fossil-fuel projects due to the trade war with the United States. This report by The Canadian Press was first published July 4, 2025.

DOWNLOAD THE APP

Get Started Now: Download the App

Ready to dive into a world of global content with local flavor? Download Daily8 app today from your preferred app store and start exploring.
app-storeplay-store