[All] Major Tar Sands game changer!

[strothjkl at sympatico.ca]

And yet, in regards to your first comment,  I just saw a posting on Standearth that Tech Frontier , sometimes called Tech Resources of Vancouver, is proposing to build an even bigger NEW oil sands near Fort MacMurray –

 

Go to this link https://www.facebook.com/standearth/videos/2254824498071220/

 

Stand Earth now for a live presentation RIGHT NOW by Tzeporah Berman, to be followed by Rachel Notley to an audience in Alberta, presenting the pro’s and cons for the Trans Mountain Pipeline-Fantastic. 

 

Lori

 

 

From: All <all-bounces at gren.ca> On Behalf Of Lanteigne
Sent: Friday, October 12, 2018 11:35 PM
To: GREN > <all at gren.ca>
Subject: [All] Major Tar Sands game changer!

 

Hi Everyone!

 

Right now  Tar Sand is currently worth "minus 11 to 28 cents" per barrel. Nothing screams game changer more than these prices. Here is the CBC news coverage: 

 

 <https://www.cbc.ca/news/canada/calgary/oilsands-bitumen-prices-negative-territory-1.4860884> https://www.cbc.ca/news/canada/calgary/oilsands-bitumen-prices-negative-territory-1.4860884

 

In the last week we have seen the following:

 

International investment group Nationale Nederlanden (NN) managing 240 billion euros, becomes latest investor to withdraw from tar sands, pipeline companies including Enbridge and TransCanada. 





Greenpeace press release: 

https://www.greenpeace.org/canada/en/press-release/5453/press-release-international-investment-group-managing-240-billion-euros-becomes-latest-investor-to-withdraw-from-tar-sands-pipeline-companies/

 

NN's press release here: https://www.nn-group.com/Media/Article/NN-Group-excludes-investments-in-oil-sands-.htm

 

Norway’s US$1 trillion sovereign wealth fund is building its case for divesting its massive holdings of oil and gas stocks.

https://www.bnnbloomberg.ca/world-s-biggest-wealth-fund-beefs-up-case-for-dumping-oil-stocks-1.1146858#_gus <https://www.bnnbloomberg.ca/world-s-biggest-wealth-fund-beefs-up-case-for-dumping-oil-stocks-1.1146858#_gus&_gucid=&_gup=twitter&_gsc=8i8E3nf> &_gucid=&_gup=twitter&_gsc=8i8E3nf



 

Investors also pulled more than $6bn from junk bonds in the past week on concerns about highly indebted companies after a rise in interest rates.

https://www.ft.com/content/dd1f101e-cd9a-11e8-b276-b9069bde0956



 

Enbridge boasts of 40 billion in revenue but a new report identified it's unrestricted cash was only $480 million in 2017 & $457 million by June 2018. They need at least $500 million to meet the requirements of the Pipeline Safety Act. Currently they rely heavily on rotating credit from investment banks and in their last Q4 reports, they were declaring short investment purchases as long term debt because they are using long term investment funds to pay for buying shorts! Here is the full article on the unsustainable financing of Enbridge by the Sightline Institute. 





https://www.sightline.org/2018/09/18/how-enbridges-bankers-fund-a-tar-sands-pipeline/







At the end of September, Enbridge had about $61.4 billion of long-term debt. 
https://business.financialpost.com/commodities/energy/enbridge-sells-4-3b-in-assets-to-brookfield-consortium-in-bid-to-reduce-61b-debt-pile

 

 

I've been blowing the whistle on these issues for 6-7 years and I've spoken with solicitors, International asset risk managers, advocacy groups and press.The CBC and National Observer, Toronto Star and others are totally up to speed. Recently more info was shared with the Ontario Securities and Exchange Commission and the Alberta Securities Commission. I've spoken with staff at Minnesota Public Utilities Commission and US FERC plus there is an NEB process underway which may or may not reopen the RCMP file depending on how they behave. There is a very specific policy that I found to lift the secrecy on corporate funding and asset ownership but it required evidence of fraud and a lawsuit or an application for certification to use it. The sale of Line 10 opened that amazing window up for me.  With what I had, I was able to "lift the veil" of corporate secrecy and the NEB secured the docs I needed to push further into this. I believe it may have contributed to the swift progress is being made right now. Either way, it is good to see progress being made here. I'm very thankful to see this finally surface. 

 

Bit by bit! 

 

Lulu :

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