Jim Cramer was right. It *is* happening really quickly. World first! New Zealand introduces legislation requiring banks, insurers and investment managers to report effects of climate change on their business. “This law will bring climate risks and resilience into the heart of financial and business decision making.”
Pieridae seeks grant, loan or loan guarantee worth $925 million from government for Goldboro LNG terminal by Aaron Beswick, April 13, 2021, Chronicle Herald
Pieridae Energy and environmental groups opposed to its proposed Goldboro liquefied natural gas export terminal have been exchanging cease-and-desist letters.
It began after four environmental groups (NOFRAC, the Citizens Oil and Gas Council, Environnement Vert Plus and the New Brunswick Anti-Shale Gas Alliance) penned an open letter to the federal and provincial governments that was critical of the company’s financial viability and environmental claims.
The letter included a link to a presentation made by the company to government representatives in December. In it, Pieridae asks for $925 million in the form of a grant, loan or loan guarantee.
“To maintain Pieridae’s commitments to both Uniper and the federal German government, a final investment decision must be reached by June 2021 and we must begin pre-site construction in late Q1 or early Q2 2021,” reads the presentation.
“To secure this timeline, we are requesting a Government of Canada grant, repayable contribution or loan guarantee of CAD$925 million. The funding would be staggered, based on predetermined metrics and tied to defined milestones. . . . This ‘ask’ is broken down into segments, including support to secure pipeline upgrades needed to transport natural gas from Alberta to the LNG facility, plus shovel-worthy, shovel-ready, boots-on-the-ground COVID-19 recovery projects onsite.”
Pieridae promised to raise the other $12.75 billion required to create a liquefied natural gas export terminal on the Guysborough County coast through private sources.
The day after that letter was published, the company’s lawyer sent a cease-and-desist letter to the environmental groups.
“You and the organizations which you represent and others have unlawfully used and disclosed that confidential information . . . knowing, or which you reasonably ought to have known, was protected from any use and disclosure by unauthorized persons, and that you did so with the express purpose of causing economic damage to Pieridae,” reads the letter sent by Pieridae lawyer Thomas Ciz to the groups on March 19.
The letter cites a non-disclosure agreement signed by those who were the intended viewers of the presentation and demands the environmental groups take down links to it, stop sharing it, disclose who leaked it to them and retract the letter to which it was attached.
Ken Summers, one of the letter’s authors and a member of NOFRAC, said the groups took the link down and notified media outlets of the letter from Pieridae.
“There were no markings on the presentation or data that it was confidential, and much of the information could be found on their website or other places,” said Summers.
“It’s clearly an intimidation tactic. I wasted a lot of time dealing with it and they are wasting a lot of time, too.”
On Friday, the Quebec Environmental Law Centre sent its own cease-and-desist letter to Pieridae via its legal partners. It demands the company stop interfering in the free speech of its clients.
“Our position is that this information isn’t confidential, wasn’t confidential and it is in the interests of the public to have such information,” said director Genevieve Paul on Tuesday.
“The public has an interest in general in information regarding public financing, but especially when we are talking about a project associated with a high environmental risk.”
Pieridae claims it was never seeking to impair anyone’s free speech and only objected to the release of confidential information. Then why does Mr. Millar say Pieridae has been “open” (see next sentence) about begging for nearly a billion of the public’s money? And why does Pieridae’s secret presentation not say “confidential” anywhere?
In a written response, company spokesman James Millar said the company has been open about its attempt to seek government financial support.
“The reason for initiating these conversations is that capital markets have essentially frozen up
due to COVID and Bullshit! I am beyond sick of the oil and gas industry using a dreadful pandemic to fill their pockets with our money (while demanding more and more deregulation). COVID has nothing to do with it. Pieridae has been chasing the uneconomical LNG greed dream for years before the pandemic started. In my view, investors, banks, insurance companies and other “financial” authorities are increasingly saying no to globally harmful and irresponsible polluting projects resulting in Pieridae finding itself with its empty-pocketed pants down other factors,” wrote Millar.
“We have discussed repayable bridge financing with government tied to certain terms to protect taxpayers to help get the project over the goal line. Had it not been for the current economics that have been in place over the last two years or so, we would never have taken this step.” Pffffffft! In my view, for many years now (including when Harper was PM) LNG companies have been pressuring gov’ts to take billions from poor and ordinary Canadians to give to a few rich CEOs while hanging the public with hundreds of billions in liabilities. When they don’t get our money (some politicians see the idiocy, greed and danger of LNG) and investors say no, LNG projects rot, some die.
So far, there has been no announcement of provincial or federal financial support for the project.
Refer also to:
Quebec Environmental Law Centre to aid Environnement Vert Plus and spokesperson, Pascal Bergeron, threatened with legal action by Pieridae Energy Ltd. for having shared *public* information vital to the **public interest** that the company wants kept secret even though it demanded nearly $1Billion from the public. Law centre Director Genevieve Paul: “This is akin to an attempted gag order that clearly aims to intimidate people who are mobilized.”
“Bad Corporate Citizen” Pieridae, after demanding nearly $1Billion of public’s money (during a pandemic no less) while promoting dubious Goldboro LNG in Nova Scotia, now threatens legal action to silence concerned citizens. Bradley Toms: “If there’s one way to show you’ve got bad intentions it’s threatening a SLAPP lawsuit against people who are just repeating things that you’ve said.”
As the General Counsel and Corporate Secretary of Pieridae, the total compensation of Thomas Ciz at Pieridae is CAD$243,228.
There are 4 executives at Pieridae getting paid more, with Alfred Sorensen having the highest compensation of $600,530.
“Polluter” Shell & “Penny Stock” Pieridae to retry their sour gas marriage, coached by AER, funded by “Loser” AIMCo. Stewart Shields: “Alberta Conservative gov’ts becoming recognized as the worst petroleum managers in the free world—as this story by the famous Andrew Nikiforuk describes so pointedly!!”
Look out Albertans whose pensions Kenney gave to AIMCo. Crazy Days in Alberta: The Poison Wells File. The province let oil and gas firms create a $100-billion disaster. New example? Shell Pieridae Briko Ikkuma Alberta Foothills Sour Gas Marriage financed by AIMCo and about $10Billion in liabilities.