Berkshire Hathaway Drops Canadian LNG Project
Berkshire Hathaway (NYSE: BRK.A) (NYSE: BRK.B) has decided against investing roughly $3 billion in the Energie Saguenay project, a proposed liquefied natural gas (LNG) export terminal near Quebec, the Wall Street Journal reports.
Image source: Getty Images.
The LNG export project is being developed by GNL Quebec, a company solely focused on Energie Saguenay and backed by private California-based investment firms Freestone International and Breyer Capital. The project has a proposed export capacity of 11 million tons of LNG per year, with gas to be sourced from western Canada. The project has an estimated total cost of $6.7 billion, and its developer hopes it will start operations in 2025.
Source Fool.com
