One of the key backers of the largest proposed coal export terminal in North America has just announced… they’re backing out. The Gateway Pacific Terminal could still be built near Bellingham, Washington.
Goldman Sachs owned 49 percent of Carrix, Inc. - the parent company behind the Gateway Pacific Terminal. In July of last year Goldman Sachs released a report titled “The Window for Thermal Coal Investment Is Closing”. The report predicted that China’s demand for coal imports will shrink in the next three years as that country’s economic growth rate slows and domestic coal supply ramps up, alongside environmental regulations. After Goldman Sachs sold off their shares, a Mexican businessman named Fernando Chico Pardo bought in. He now holds a 49 percent stake in Carrix, Inc. Chico Pardo is the president of a financial advisory firm that’s invested in the steel, banking and tourism industries. He’s also an alumnus of the Kellogg School of management at Northwestern University. Here’s what he said in an alumni profile on the school’s website:
Pardo: "I’m a firm believer that companies have a social responsibility. They have to make profits, of course, but they also have a huge responsibility to the environment.”
Representatives for the Gateway Pacific Terminal did not immediately respond to requests for an interview for this story.
Copyright 2014 KUOW