Canada has the opportunity to gain access to new and emerging energy markets

Canada has the opportunity to gain access to new and emerging energy markets 
Hon. Jim Prentice, Vice Chairman of CIBC, discusses key issues to be addressed 
for the success of Canada and British Columbia in the Liquefied Natural Gas 
VANCOUVER, Feb. 25, 2013 /CNW/ - CIBC (CM: TSX) (CM: NYSE) - Canada is well 
positioned to develop a strong Liquefied Natural Gas (LNG) market that will 
create jobs; an export-focused competitive energy industry; and long-term 
economic advantage for British Columbia and Canada. But there are challenges 
to overcome to be successful, said the Hon. Jim Prentice, Senior Executive 
Vice-President and Vice Chairman of CIBC. 
Speaking at the "Fuelling the Future: Global Opportunities for LNG in BC" 
conference in Vancouver, Mr. Prentice told the audience that there is momentum 
in the right direction for success in the LNG sector. 
"Everything is happening. Progress is being made on essential regulatory 
issues. Pipeline routes in from the gas fields are taking shape. Competition 
is mounting. Opportunity is emerging," said Mr. Prentice. 
The good news is that Canada has a number of advantages including geography 
and one of the shortest supply routes to the Asian market along with a 
substantial resource base, supportive governments at the provincial and 
federal level, and an open-for business environment, Mr. Prentice told the 
But similar to the oil industry, there is a need to tap into new markets 
because gas production has declined significantly over the last several years 
and Canada has been dependent on traditional markets. 
"We've entered a critical period. We face the imperative to match up Canada's 
resources with the needs of the Asian marketplace. We must access new and 
growing markets if we want to reinvigorate this important industry," he added. 
To guarantee success for Canada in the LNG market Mr. Prentice outlined number 
of issues that must be addressed. 

    --  A royalty regime must be defined - and defined in such a way
        that it promotes the establishment of an LNG industry in Canada
        and helps ensure its long-term survival and success.
    --  Canada faces a skilled labour shortage that could put
        development at risk, and action is needed to ensure those
        skills exist.
    --  The federal government needs to adopt a proactive role on
        coastal waters management.
    --  Decisions must be made on how LNG facilities in B.C. are to be
    --  There is a need to better understand and move to address the
        competitive challenge that may be posed by the United States.

"Let's be clear, getting into liquefied natural gas represents a big financial 
bet," said Mr. Prentice. "The stakes are high and the challenges are 
formidable. This is no slam dunk. We need to be confident and aggressive - but 
we must also ensure that we resolve and bring across the finish line a number 
of key outstanding issues."

CIBC is a leading Canadian-based global financial institution. Through our 
Retail and Business Banking, Wealth Management and Wholesale Banking 
businesses, CIBC provides a full range of financial products and services to 
11 million individual, small business, commercial, corporate and institutional 
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information about CIBC in our Press Centre on our corporate website at

A PDF of Mr. Prentice's speech is available at:

Sean Hamilton, (416) 304-8456


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CO: Canadian Imperial Bank of Commerce
ST: British Columbia

-0- Feb/26/2013 02:45 GMT

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