A day after legendary investor Warren Buffett’s Berkshire Hathaway abandoned an investment in GNL Quebec’s $9-billion Energie Saguenay liquefied natural gas project, frustrated investors and analysts are wondering if there’s anyone left to invest in LNG in Canada — or anything else, for that matter.
“They’ve basically all gone away, haven’t they?” said Cameron Gingrich, director of strategic energy advisory services at Solomon Associates in Calgary, of the major strategic investors in Canada’s nascent LNG industry.
In addition to Berkshire Hathaway, Gingrich said there’s been a long list of foreign strategic investors pull out of planned investments in proposed LNG projects in Canada in recent months and years, including Chevron Corp., Woodside Petroleum Ltd., Exxon Mobil Corp., CNOOC Ltd. and Petronas Bhd., which shelved its Pacific NorthWest LNG project to buy a smaller stake in a project led by Royal Dutch Shell plc.
Shell is currently building the $40-billion LNG Canada project and connected Coastal GasLink pipeline, which has faced protests from a breakaway group of hereditary Wet’suwet’en chiefs in British Columbia that led to cross-country rail blockades last month.
The railway blockades and concerns about building major infrastructure projects in Canada were understood to be the reason Buffett’s Omaha, Neb.-based Berkshire Hathaway pulled out of the Energie Saguenay project, in which it had planned to invest $4 billion.
“The reason is the recent challenge in the Canadian political context,” GNL Quebec spokesperson Stephanie Fortin said Thursday.
Gingrich added that the problem extends beyond LNG.
“You see the carnage on the road with all of these major infrastructure projects that weren’t able to get to a final investment decision,” Gingrich said.
Many analysts in the sector say they’ve seen strategic investors shy away from the Canadian energy industry over challenges building projects.
“This, without hearing directly from Berkshire Hathaway, this would be similar to what we’ve heard from other institutional investors,” Raymond James analyst Jeremy McCrea said of Buffett’s decision to pull out of the project.
Too often, the federal government has blamed project cancellations like TC Energy Corp.’s Energy East pipeline project on commodity prices rather than concerns about regulatory delays and competitiveness, said Raffi Tahmazian, a principal and senior portfolio manager with Canoe Financial.
That is such an immature and irresponsible statement to make to your constituents, because you’re misleading people about the problem
Raffi Tahmazian, Canoe Financial
“That is such an immature and irresponsible statement to make to your constituents, because you’re misleading people about the problem,” Tahmazian said.
He said it’s disingenuous to suggest investors are shying away from the Energie Saguenay project given current LNG prices because long-term strategic investors look at the distant outlook for prices.
Most analysts expect global demand for LNG to overtake existing sources of supply in the second half of this decade, making new LNG projects attractive investments given moves by China and other Asian economies to prioritize natural gas for power generation over coal.
However, Tahmazian said Canada and the Energie Saguenay project risk missing out on selling into those major overseas markets as investors such as Berkshire Hathaway choose to spend their money in other countries.
Even Canadian companies, such as Teck Resources, which shelved its $20.6-billion Frontier oilsands project last month, are becoming reluctant to invest.
“Foreign capital is going to exit, foreign capital is not coming into the country and now even domestic capital is looking outside,” Tahmazian said.
TORONTO – Canada’s main stock index was up more than 250 points in late-morning trading, led by strength in the base metal and technology sectors, while U.S. stock markets also charged higher.
The S&P/TSX composite index was up 254.62 points at 23,847.22.
In New York, the Dow Jones industrial average was up 432.77 points at 41,935.87. The S&P 500 index was up 96.38 points at 5,714.64, while the Nasdaq composite was up 486.12 points at 18,059.42.
The Canadian dollar traded for 73.68 cents US compared with 73.58 cents US on Thursday.
The November crude oil contract was up 89 cents at US$70.77 per barrel and the October natural gas contract was down a penny at US2.27 per mmBTU.
The December gold contract was up US$9.40 at US$2,608.00 an ounce and the December copper contract was up four cents at US$4.33 a pound.
This report by The Canadian Press was first published Sept. 19, 2024.
Losing a loved one is never easy, and the legal steps that follow can add even more stress to an already difficult time.
For years, families in Vancouver (and Canada in general) have struggled with a complex probate process—filled with paperwork and legal challenges.
Thankfully, recent changes to Canada’s probate laws aim to make this process simpler and easier to navigate.
Let’s unearth how these updates can simplify the process for you and your family.
What is probate?
Probate might sound complicated, but it’s simply the legal process of settling someone’s estate after death.
Here’s how it works.
Validating the will. The court checks if the will is legal and valid.
Appointing an executor. If named in the will, the executor manages the estate. If not, the court appoints someone.
Settling debts and taxes. The executor (and you) pays debts and taxes before anything can be given.
Distributing the estate. Once everything is settled, the executor distributes the remaining assets according to the will or legal rules.
Probate ensures everything is done by the book, giving you peace of mind during a difficult time.
Recent Changes in Canadian Probate Laws
Several updates to probate law in the country are making the process smoother for you and your family.
Here’s a closer look at the fundamental changes that are making a real difference.
1) Virtual witnessing of wills
Now permanent in many provinces, including British Columbia, wills can be signed and witnessed remotely through video calls.
Such a change makes estate planning more accessible, especially for those in remote areas or with limited mobility.
2) Simplified process for small estates
Smaller estates, like those under 25,000 CAD in BC, now have a faster, simplified probate process.
Fewer forms and legal steps mean less hassle for families handling modest estates.
3) Substantial compliance for wills
Courts can now approve wills with minor errors if they reflect the person’s true intentions.
This update prevents unnecessary legal challenges and ensures the deceased’s wishes are respected.
These changes help make probate less stressful and more efficient for you and other families across Canada.
The Probate Process and You: The Role of a Probate Lawyer
(Image: Freepik.com)
Working with a probate lawyer in Vancouver can significantly simplify the probate process, especially given the city’s complex legal landscape.
Here’s how they can help.
Navigating the legal process
Probate lawyers ensure all legal steps are followed, preventing costly mistakes and ensuring the estate is managed properly.
Handling paperwork and deadlines
They manage all the paperwork and court deadlines, taking the burden off of you during this difficult time.
Resolving disputes
If conflicts arise, probate lawyers resolve them, avoiding legal battles.
Providing you peace of mind
With a probate lawyer’s expertise, you can trust that the estate is being handled efficiently and according to the law.
With a skilled probate lawyer, you can ensure the entire process is smooth and stress-free.
Why These Changes Matter
The updates to probate law make a big difference for Canadian families. Here’s why.
Less stress for you. Simplified processes mean you can focus on grieving, not paperwork.
Faster estate settlements. Estates are settled more quickly, so beneficiaries don’t face long delays.
Fewer disputes. Courts can now honor will with minor errors, reducing family conflicts.
Accessible for everyone. Virtual witnessing and easier rules for small estates make probate more accessible for everyone, no matter where you live.
With these changes, probate becomes smoother and more manageable for you and your family.
How to Prepare for the Probate Process
Even with the recent changes, being prepared makes probate smoother. Here are a few steps to help you prepare.
Create a will. Ensure a valid will is in place to avoid complications.
Choose an executor. Pick someone responsible for managing the estate and discuss their role with them.
Organize documents. Keep key financial and legal documents in one place for easy access.
Talk to your family. Have open conversations with your family to prevent future misunderstandings.
Get legal advice. Consult with a probate lawyer to ensure everything is legally sound and up-to-date.
These simple steps make the probate process easier for everyone involved.
Wrapping Up: Making Probate Easier in Vancouver
Recent updates in probate law are simplifying the process for families, from virtual witnessing to easier estate rules. These reforms are designed to ease the burden, helping you focus on what matters—grieving and respecting your dead loved ones’ final wishes.
Despite these changes, it’s best to consult a probate lawyer to ensure you can manage everything properly. Remember, they’re here to help you during this difficult time.
TORONTO – Canada’s main stock index was higher in late-morning trading, helped by strength in energy stocks, while U.S. stock markets also moved up.
The S&P/TSX composite index was up 34.91 points at 23,736.98.
In New York, the Dow Jones industrial average was up 178.05 points at 41,800.13. The S&P 500 index was up 28.38 points at 5,661.47, while the Nasdaq composite was up 133.17 points at 17,725.30.
The Canadian dollar traded for 73.56 cents US compared with 73.57 cents US on Monday.
The November crude oil contract was up 68 cents at US$69.70 per barrel and the October natural gas contract was up three cents at US$2.40 per mmBTU.
The December gold contract was down US$7.80 at US$2,601.10 an ounce and the December copper contract was up a penny at US$4.28 a pound.
This report by The Canadian Press was first published Sept. 17, 2024.
