PSAC frus­trated na­tional in­ter­est pipe­line in­fra­struc­ture is de­layed in­def­i­nitely

The Southwest Booster - - FRONT PAGE -

The Petroleum Ser­vices As­so­ci­a­tion of Canada (PSAC) ex­presses its dis­il­lu­sion­ment and frus­tra­tion by the de­ci­sion of the Fed­eral Court of Ap­peal to quash the ap­proval of the Trans Moun­tain Pipe­line Ex­pan­sion Project.

Tom Whalen, Pres­i­dent & CEO of PSAC said, “This day will go down in his­tory as a piv­otal point for our econ­omy, our In­dige­nous peo­ples, and the global en­vi­ron­ment; one that sees Canada al­low its own prospects for pros­per­ity be quashed while re­lin­quish­ing the abil­ity to re­duce global GHG emis­sions with our re­spon­si­bly de­vel­oped oil.

“This de­ci­sion, if al­lowed to stand, means the loss of thou­sands of mid­dle-class jobs, eco­nomic op­por­tu­nity and a path­way from poverty for our In­dige­nous peo­ples, bil­lions of dol­lars in tax and roy­alty rev­enue to our gov­ern­ments to sup­port so­cial pro­grams such as health care, ed­u­ca­tion and roads. Just as im­por­tant, to­day’s rul­ing con­firms what in­vestors have sus­pected for some time now, that Canada is a coun­try that can­not get projects done, even when they have been deemed in the na­tional best in­ter­est. The Cana­dian in­vest­ment cri­sis has im­pli­ca­tions well beyond the en­ergy sec­tor.

“TMX was fed­er­ally ap­proved fol­low­ing one of the most com­pre­hen­sive and rig­or­ous en­vi­ron­men­tal as­sess­ment re­views in his­tory. With nu­mer­ous ad­di­tional hur­dles now fac­ing the at­trac­tion of cap­i­tal in­vest­ment such as Bill C-48 and Bill C-69, TMX was the cat­a­lyst to prove we are in­deed a coun­try open for business. That we are, is now in ques­tion.

“Cap­i­tal in­vest­ment in our in­dus­try is in se­quen­tial de­cline and at a multi-year low. In or­der to stem the flow of cap­i­tal in­vest­ment to Canada fur­ther, swift ac­tion must be taken. We call on the Gov­ern­ment of Canada to re­view to­day’s de­ci­sion by the Fed­eral Court of Ap­peal and pur­sue ev­ery pos­si­ble av­enue to see this ex­pan­sion project, that they have pur­chased on be­half of Cana­di­ans, ex­pe­dited and com­pleted, to ben­e­fit all Cana­di­ans and re­store our in­ter­na­tional rep­u­ta­tion as a coun­try that can get projects done.

“Clearly, gov­ern­ment must do more to en­sure that reg­u­la­tions pro­vide clear di­rec­tion and time­lines for ap­proval of projects to pro­vide cer­tainty and pre­dictabil­ity for in­vestors. Fi­nal ap­provals dependent on po­lit­i­cal de­ci­sions based on the mood of the day and ap­provals over­turned or chal­lenged by in­com­ing regimes will only serve to see ad­di­tional cap­i­tal de­ployed in more at­trac­tive and business-friendly ju­ris­dic­tions. We need to get this right, now.”

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