Executive Council
March 26, 2008

Premier Comments on Impact of Credit Crunch in Newfoundland and Labrador

The Honourable Danny Williams, Premier of Newfoundland and Labrador, today commented on recent media reports which suggested tightening credit markets may be slowing progress on energy mega-projects in the province.

"We continue to speak with the proponents of proposed energy projects in Newfoundland and Labrador on a regular basis. With the exception of the recent announcement by Newfoundland and Labrador Refining Corporation concerning its proposed refinery for Placentia Bay, we are not aware of any pending delays or slow downs as a result of tightening global credit market conditions. To the contrary, the proponents are telling us that they are excited about these projects and are continuing to progress their plans. Despite credit market conditions, I am confident that our projects have a bright future," said Premier Williams.

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Media contact:

Andrea Nolan
Press Secretary
Office of the Premier
709-729-4304, 727-0991

2008 03 26                                                     4:05 p.m.

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