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Irving Oil responds to criticisms about its profits from the Canaport LNG site

LNG Industry,

After much discussion about the taxes paid at its Canaport LNG facility, Irving Oil has responded to criticisms. The article released by Irving Oil has appeared days ahead of a Saint John council vote on 22 June 2015, which could see the city manager investigate the profits made by the company at its Canaport LNG facility.

The statement highlighted: “Canaport LNG represents a significant investment in Saint John; it is one of the largest private sector investments ever made in the history of New Brunswick, at over CAN$1.2 billion” and continues to share its investment and project plans for Saint John, which total approximately $780 million.

Alberta tax case finds new information about controversial tax deal

Irving Oil's CAN$500 000 tax bill for Canaport LNG is just 6% of what would typically be charged, based on an assessment. Much of the new information regarding the profit sharing at Canaport is revealed in an Alberta tax case involving Irving Oil's Canaport partner, Repsol.

Discussing the matter, Irving Oil stated: “On an overall basis we believe that the returns generated by this project for our company are appropriate given the scale and risk associated with the undertaking, of which the property tax arrangements are but one element.”

Irving Oil asks that people support on its two chief projects, the Energy East Pipeline and an LNG export facility, claiming that these are “potentially transformational to Saint John.” The scale of the projects heightens the risks associated. Therefore, requiring commitment and solidarity within the Saint John community.

Located in Saint John, Irving Oil commented: “As our home, Saint John is deeply important to all of us at Irving Oil,” continuing later to say “We at Irving Oil are focused on the future and will continue to invest in our city as a significant element of its economic success. We ask municipal officials, community and business leaders, and all other stakeholders in Saint John to work with our company and our partners to deliver projects such as the Energy East Pipeline and the LNG export facility to Saint John – our home.”

Source Irving Oil

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