Offshore profits

To muddy the waters further, we find out that Japan (Japex) owns 10 per cent and Brunei (Petroleum Brunei) owns three per cent

I recently read a report  regarding a Liquefied Natural Gas (LNG)  project on Lelu Island near Prince Rupert. The company we might imagine is a real Canadian organization with the very  Canadian Name Pacific Northwest. Then we find out that Pacific Northwest is 87 per cent owned by Petronas in Malaysia. Petronas  also owns progress Energy Canada (natural gas properties in  northeastern British Columbia)

To muddy the waters further, we find out that Japan (Japex) owns 10 per cent and Brunei (Petroleum Brunei) owns three per cent.

Unless my math is wrong this adds up to 100 per cent.

I can’t find a Canadian name in this mix. Now the Malaysian company wants to sell  some of its  87 per cent to China and India.

So we seem to have a B.C. resource divided among five offshore companies.

It is difficult to see how Canadian interests or profit will ever come to B.C. or Canada.

Janet C. Miller




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