Someone sent me this email asking this question? Does anyone was an answer????
Charles,
Was listening to Talk of the Town and Rick mentioned Irving and Repsol
were in New York for a 700 plus million dollar loan for the LNG plant in
Eastern Canada.
I may of misheard but see if you can information for us on
what is
going on?
Thank you.
Tuesday, April 25, 2006
THE IRVINGS IN NEW YORK FOR A HUGE LOAN????
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I don't know the specifics of this case, I'd just like to add that this is common practise and something rarely discussed in the public.
The fact is that Banks rule the world. Virtually NONE of the biggest investments in the world happen with companies own money. Logging in the Charlotte Islands in BC is done by Albertans who get their money from banks in Toronto.
The Irvings are no different, rarely are large investments done with their own money.
This is why the maritimes will never prosper, because they have no banking establishments. All investments come out of Toronto or New York. Toronto banks will not invest in maritime industries because they are potential competitors to their larger clients in central ontario. Its been that way for over a century.
Until banking is controlled locally, maritime money will keep leaving the area, and private investment will be nil. I know its off topic, but TD Bank has 3% of its workforce in New Brunswick, but its insurance arm takes out 18 million dollars annually.
This is one more reason to both avoid Irving-and get your money into a credit union!
You looking for this Charles???
Repsol, Irving Oil Seek $700 Million Loan for Canada LNG Plant
April 25 (Bloomberg) -- Repsol YPF SA, Europe's fifth- largest oil company, and Irving Oil Corp. are seeking a $700 million loan to build a liquefied natural gas terminal on Canada's east coast, people familiar with the situation said.
Madrid-based Repsol will meet with banks in New York this week to discuss the loan, said the people, who asked not to be named. The project financing will cover 70 percent of the plant's construction cost.
The plant, to be built by 2008 in Saint John, Canada, will revert liquefied gas to its natural state for transport to consumers through pipelines, Repsol said when it announced the project last year.
Repsol Chairman Antonio Brufau is increasing investment outside Latin America, which accounts for about two-thirds of Repsol's production. Repsol and Gas Natural SDG SA, Spain's largest gas supplier, have jointly created the world's third- largest LNG operator by volume of gas managed.
The plant in Canada will have an initial capacity of 10 billion cubic meters a year. The gas will be supplied by Repsol. A Repsol spokesman declined to comment on the financing when contacted by Bloomberg.
Repsol is already one of the top suppliers of LNG to the U.S., mainly from Trinidad and Tobago, where it cools the gas into a liquid for shipping in tankers.
Repsol aims to get 90 percent of its oil and gas output growth by 2009 from Libya, Algeria, Trinidad and Tobago and Venezuela. Last year, Repsol found oil and gas in Argentina, Libya and Algeria. The joint venture with Gas Natural has already agreed to build LNG plants in Nigeria, Peru and Russia in the past year.
Repsol and Gas Natural are backed by Spain's largest industrial investor, La Caixa, which owns stakes in both.
Why don't the Irvings just use the 125 Million Dollar Tax break they swindled from the City of Saint John for a downpayment?????????
They never use their own money. That is why Saint John is struggling and their not. We give away our resources and borrow money to make the Billionaires happy. They keep their money and make money on our money and resources. They don't pay a quarter of what they should pay in taxes. They also receive grants with little or no interests loans and receive tax cpncessions. No other company can get these gifts. The government is controlled by these bullies. They own a oiece of land near the water and years later it is filled in and they still don't pay taxes or are they charged for building on the water they definitely pollute at our cost again to fix. There are so many things that would cause greater concern but no one would believe it. It would be Irving bashing by some but the truth is their if only you would open your eyes. Yes it is nice to have businesses prosper but not by putting the expenses on the backs of the people of NB. Saint John should be a well rounded area with all people doing well but it is hurting and just a few enjoy the advantages.
We take in all the health risks and it is time to receive dividends and a special tax for the people of Saint John. Our water should be solded and charged to the Billionaires as they sell their gas to us.
They use more water a day then the city of Fredericton and pollute more of our water and at little cost to them which is written off.
Do they pay for building permits when they expand along Chesley Drive, the Pulp Mill ( which now looks like a village). We give away so many things and trade roads but we never see the big picture they no longer need our help and we need to charge them a fair tax on all things. Stop giving away land for a $1. Disgusting to see the politicians are not helping the people just the Billionaires.
We will be paying the Billionaires money so they can pay their for this loan. You and I can't hide a nickel but they can take their money to Bermuda and also escape from paying their fair share of taxes. We expect that at least. Bullies and politicians have it their way too long. People have lost any faith things will improve.
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