Provincial Conservative leader Blaine Higgs is calling it a lost opportunity. What he’s referring to the Canaport LNG terminal in Mispec which has not turned out to be the generator of economic growth that was talked about when it was proposed years ago.
Higgs says the outlook would have been far brighter had the terminal been converted to exporting natural gas which would have been a $2 billion project but would have required a domestic supply of natural gas. The Conservative Government when Higgs was Finance Minister pressed for the development of shale gas but the Gallant Government imposed a moratorium.
According to the latest analysis from those who should know, natural gas inventories are likely to hover around record levels. Much of the demand at this time of the year depends on how cold it gets.
For people scratching their heads over the big reduction in the property tax assessment of the Canaport L-N-G terminal, economic obsolescence is being cited as the reason why. Service New Brunswick Minister Dr. Ed Doherty says when the original assessment was done, the price of natural gas was very high and there was a great demand for it. Market conditions have changed since then.
