Skip to content
Subscriber Only

Buffett Drops $3 Billion LNG Investment in Quebec, Reports Say

  • Local paper, radio say Berkshire Hathaway is pulling out
  • Rail blockades in Canada discouraged investor, GNL Quebec says
Warren Buffett

Warren Buffett

Photographer: Andrew Harrer/Bloomberg

Warren Buffett’s Berkshire Hathaway Inc. is pulling out of a gas export project in Quebec after weeks of rail blockades and an oversupplied market eroded the facility’s appeal, according to local reports.

The investment giant was going to provide C$4 billion ($3 billion) for GNL Quebec’s proposed liquefied natural gas plant 290 miles northeast of Montreal, according to Michel Potvin, a city councilor who heads the promotion agency in Saguenay, where the project is based.