The formation of a government by the NDP-Green party alliance in British Columbia is already costing jobs. At least 4500 of them, to be exact.
Petronas, the Malaysian oil and gas giant has just officially killed its 36 billion dollar investment into a liquefied natural gas mega project in Northern BC.
The project in Port Edward would have been one of the single largest foreign investments in Canadian history. But much like what happened in the days and weeks and now months and years after the election of Rachel Notley in Alberta - companies are deciding that BC isn’t worth the risk with an NDP government.
And the BC NDP are using the same excuses their cousins in Alberta use when oil and gas projects put their assets on fire sale just to escape an NDP created recession. The blame international market prices. And while some of that may be true, it doesn’t explain the booming LNG export markets in more business friendly places around the world - like Texas and Australia.
This isn't just a BC NDP created problem. They only turbo charged the damage by being elected. The BC Liberals, trying to please every fringe wacko, were slow to get the project to approval. Then the Federal Liberals did the same, while competitors raced to get access to their share of the global LNG market.
What Petronas needed in light of slipping global market conditions is the same thing the oil companies that left Alberta and took with them their 30 billion dollars in investment. Petronas needed less government costs gnawing away at their bottom line. The BC NDP promised more.
And, just like in Alberta, it's time to start keeping track of the job losses for BC.Today, 4500 direct will never materialize and dozens, maybe hundreds more will be lost in Alberta because Petronas thought Canada was too risky. All the while, Petronas maintains their investments in Iraq.