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Canada News.Net
05-07-2025
- 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.
Canada Standard
05-07-2025
- 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
Globe and Mail
05-07-2025
- Business
- Globe and Mail
Norway's Marinvest Energy pitches LNG project in Quebec
Liquefied natural gas could be exported to Europe and beyond from Baie-Comeau, Que., according to a new proposal by a Norwegian company. Known as the Marinvest Energy LNG Export Project, the proposal includes building floating offshore platforms and a liquefaction plant in Baie-Comeau. A pipeline spanning several hundred kilometres would also be required to connect the new facilities to TC Energy Corp.'s TRP-T Canadian Mainline, a major pipeline carrying natural gas from Western Canada to Eastern Canada and into the U.S. The proponent is Marinvest Energy Canada, a subsidiary of Marinvest Energy AS based in Bergen, Norway. Its chief operating officer, Greg Cano, said in a written statement there's a 'strong business case' for the project, which would export LNG globally, particularly to Europe. News of the project was first published on Friday by Montreal newspaper Le Devoir. Basic details, including its cost, how it will be financed, who would design and construct it, and even where proposed facilities would be located, were unavailable. Marinvest Energy AS's website does not disclose information about the project, nor its leadership or partners, nor any previous projects they have executed. 'We are currently at the very early stage of the project,' Mr. Cano wrote. 'For the time being, we are focusing on meeting with various stakeholders and partners, including First Nations communities.' LNG Canada starts exports to Asia and explores pathways to expansion Keith Stewart, senior energy strategist at Greenpeace Canada, said his organization began hearing rumours earlier this year of a pipeline proposed near the north coast of the St. Lawrence River. Greenpeace representatives confirmed those rumours during a recent meeting with Quebec's environment minister. Mr. Stewart added that Greenpeace representatives in Norway told him Marinvest Energy AS is not a major player in that country. 'They wouldn't have the money for a project like this,' he said. 'It looks like what they're trying to do is get government backing for the idea, and then go out and raise the money.' Mr. Stewart said Greenpeace Canada is concerned the federal government might include the project on a list of projects deemed to be of national interest, which could exempt it from traditional requirements such as permits and environmental reviews. It also fears the project could obtain large federal subsidies. Province says it is open to reviving GNL Quebec gas facility project amid U.S. tariff threats Karine Otis, chief executive officer of Baie-Comeau Port Management Corp., said Marinvest contacted the port authority less than two months ago. For the past five years, the port authority has sought to create a hub for energy products and raw materials. For example, a German company known as Hy2gen plans to produce ammonia at an industrial park near Baie-Comeau, with construction set to begin in 2027. 'LNG was not part of this vision until Marinvest came,' Ms. Otis said, and the port is not planning an LNG terminal. But she added that the project could be a good fit in the hub, provided the port can ensure it occupies the least space possible, shares common utilities and other infrastructure with other tenants, and minimizes environmental impacts. 'It's a matter of, is this project feasible financially? Is it viable? Is it needed for our governmental authorities, and is it acceptable? If it is, the port will do what's necessary to accommodate that project.' Another proponent, GNL Quebec, had previously proposed a $9-billion natural gas liquefaction complex in Saguenay, Que., with an annual production capacity of 11 million tonnes of LNG for export to Europe and Asia. That project – which would have included a 780-kilometre pipeline connecting it to TC Energy's Mainline – was blocked by Quebec's government in 2021, and by the federal government the following year. Greenhouse-gas emissions and impacts to beluga whales in the St. Lawrence were identified as concerns.
