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Monday, October 8, 2012

Where is the "net benefit" to Canada

The resounding response that Canadians get from the Conservatives is; "we are studying the proposal to see if it is a net benefit to Canada", where and who is doing this study? From past experience and their collective failures the study must be done in the corner pub with a bunch of Firken bar flies.

There are two takeovers under review Malaysia's state owned Petronas takeover of Progress and China's state owned CNOOC takeover of Nexen.





Most analysts have said they expect Petronas's takeover of Progress to face little trouble as the government assesses if the transaction passes its main test of being of net benefit to Canada.
Progress is a natural gas producer, as opposed to a developer in the strategic Alberta oil sands, and plans set by Petronas/Progress to build a multibillion-dollar liquefied natural gas plant on the Pacific Coast fit with a push by Harper to export the fuel to Asia.

Arguably with the Petronas takeover the net benefit will be the building of a multi-billion dollar liquefied natural gas plant, that will again be foreign owned, that sounds reasonable but with the CNOOC takeover we don't know if the transportation of "bitumen oil" to the coast will be via the Northern Gateway Pipeline, which we know faces considerable opposition.

If the Harper government were open and honest with Canadians perhaps he would receive more support from the people and from the opposition however everything is secret and consultation is made in backrooms. The end result will be approval for both takeovers with Canadians being misled by Firken fueled consultation.

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