Woodfibre LNG Fall Update 2020
December 6, 2020
Eoin Finn
If Woodfibre LNG goes ahead, there will be 70–100 LNG tankers transiting Howe Sound every year.
Here's the latest update on Woodfibre LNG:
Sukanto Tanoto's pulp and paper company, APRIL, is facing profit-shifting accusations to reduce its tax bill in Indonesia. This isn't new for billionaire Sukanto Tanoto, whose companies have a history of tax evasion. The corporate structure of Woodfibre LNG is similarly set up to avoid paying taxes in Canada and ensure that profits flow offshore. Someone please tell Premier John Horgan.
The president of Woodfibre LNG, David Keane, is retiring. He insists that Woodfibre LNG is delayed, not dead. But one of the biggest causes of project failure is high staff turnover, and Woodfibre LNG has had very high staff turnover since 2013.
The latest forecasts are for pre-construction cleanup to continue in early 2021, with a Final Investment Decision (FID) in Q2 or Q3 of 2021, and construction beginning in Q3 2021. But didn't Woodfibre LNG already announce that "this project is a go" in November 2016? This really calls into question the credibility of Woodfibre LNG.
Woodfibre LNG apparently secured financing in September 2020—we have no idea who would back this risky venture as countries around the world (including China) commit to net zero and plan to phase out fossil fuels. Would you build a $1.6 billion dollar LNG export facility when the market will evaporate by 2050 or sooner?
Woodfibre LNG appears to have signed a construction agreement with FortisBC to build the Eagle-Mountain to Woodfibre pipeline (we'll have more news on that later this week).
The Engineering, Procurement, and Construction contractor will be McDermott. This is the same company that filed for Chapter 11 bankruptcy after "facing enormous cost overruns at construction projects for two LNG plants." McDermott shed $4.6 billion in debt and apparently has emerged unscathed, but wouldn't you want to choose a company that had a proven record of building LNG plants on budget? We're scratching our heads over this one.
The construction company will likely be PCL Construction from Edmonton.
We are continuing to work with legal advisors to identify ways to #StopWoodfibreLNG for good. We're still $2,923 short of our fundraising goal. Please chip in if you can.
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Webinar: tackling fossil fuel subsidies in British Columbia
This Tuesday, we are co-hosting a webinar to unpack the handouts, subsidies, tax breaks, and royalty credits that unfairly prop up oil and gas in B.C.
Did you know that B.C. spends a billion dollars a year paying pipeline and fracking companies to pollute? When fossil fuel companies receive these tax breaks and subsidies, it means there is less money to support healthcare, education, and other important social services.
Propping up projects like Woodfibre LNG with your hard-earned taxpayer dollars delays climate action and creates an unfair marketplace for renewable energy. These corporate handouts often benefit rich off-shore owners at the expense of Canadians.
It's time to end fossil fuel subsidies. Join us to learn more.
WHEN: 12pm–1:30pm Tuesday, 8th December 2020
WHERE: via zoom
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TAKE ACTION! Tell the BC NDP to #StopWoodfibreLNG
A couple of our amazing volunteers alerted us to the BC NDP's End of Year Survey. Now that we have a BC NDP majority, it's more important than ever to hold this government accountable. Tell them what you really think about Premier John Horgan's plan to build more LNG projects, increase fracking, and use Site C power to greenwash fracking and LNG.
If you have voted for the BC NDP in the past, tell them what they must do to keep your vote. If you have never voted for the BC NDP, tell them why they have never earned your vote.
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Finally, we'd like to say a big thank you to our latest monthly supporters! Our goal for December is to sign up 100 new monthly supporters to ensure that My Sea to Sky can continue its critical campaigns to defend, protect, and restore Howe Sound in 2021.
With thanks,
Eoin Finn
Chair, My Sea to Sky
My Sea to Sky is incredibly proud and grateful to say that we rely on the My Sea to Sky community for small donations that provide the majority of our funding. Since our launch in 2014, we have been funded through personal savings, family and friends; and powered by the passion of our volunteers. Your generous contribution will help us to run our critical campaigns to defend, protect, and restore Howe Sound. Can you chip in?