Berkshire Hathaway Inc BRK'B:NYSE

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Market Chatter: Berkshire Hathaway Reportedly Withdraws Planned $4 Billion Investment in Saguenay LNG Project in Canada

12:33PM ET 3/05/2020 MT Newswires
Warren Buffett's Berkshire Hathaway (BRK.A,BRK.B) is said to have withdrawn from its planned $4 billion investment into a liquefied natural gas plant by the Saguenay port, CBC reported on Thursday, citing Radio-Canada.

The marine terminal for shipping LNG to overseas markets, set to be built about 230 kilometers northeast of Canada's Quebec City, will cost $9.5 billion.

Stephanie Fortin, the head of communications for GNL Quebec, the company behind the project, confirmed to CBC that a significant potential investor was lost.

Fortin did not wish to reveal the investor's identity, but she said that the investor was lost due to the "current Canadian political context," as foreign investors are growing concerned due to the "instability" in the past few weeks, such as the ongoing rail blockades.

Fortin said the investor's withdrawal will not stop the project's progress, and will not result in job losses.

"It's concerning when we talk about an investor putting in $4 billion of $9 billion. It's clear that Mr. Buffett has good reasons. We're seeing the rail crisis - that's surely one of the reasons," Michael Potvin, Saguenay's deputy mayor, told Radio-Canada.

(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)