You: Misery! We: Money! Singapore Company Sells Australian Water to Canadian Fund as Australia Suffers its Worst Drought Ever

0
807

Water restrictions for you, and endless supply for them.

A foreign corporate giant is snapping up 89 BILLION liters of Australia’s water as the country suffers its worst drought ever.

Canadian pension fund loads up on Australian water rights and almond farms
Canadian pension fund loads up on Australian water rights and almond farms. Picture by BeefCentral

Australia is in the midth of one of its worst drought ever. And some people are making a real big profit out of other people misery… In the next example, a Singaporean food company, Olam, is selling 89,085 megaliters of its permanent water rights in Australia for $490m to a Canadian fund. And it all comes out as the tightest ever water restrictions are imposed on worried Australian citizens.

Good Business in End Times

A multi-billion dollar Singaporean food company is selling more than 89,000 megaliters of Australian water to a Canadian pension fund. What the heck!

This unexpected deal of A$490 million comes as the country is sweltering by one of the worst droughts in its history, after NSW brought in a complete ban on hoses as part of the toughest water restrictions implemented for more than a decade.  

But that’s not a big deal for Olam International, which sold parts of its permanent water rights in the lower Murray-Darling Basin, Australia.  

The blue gold will be used to irrigate an approximately 12,000 hectares of almond orchards near Victoria, Australia also sold to the same Canadian company.

The chairman of the Victorian Farmers Federation’s water council is not baffled by the decision: ‘Really, all you’ve got is a change of ownership… From Singapore to Canada. It’s a big bulk of water but it’s still being used in agriculture. It’s not as if they’ve just come in as a speculator and said we’ll go and buy a big patch of water and we’ll trade it every year.Really? Do you believe what you are saying?

Dramatic Drought in Australia, No Water For Australians

Australians suffer a mega drought and are now under level two restrictions, meaning:

  • Complete ban on hoses
  • Gardens Watering: Before 10am or after 4pm with a watering can or bucket, only 15 minutes with smart and drip irrigation systems before 10am or after 4pm .
  • Swimming pools and spas only be allowed to be topped up for 15 minutes a day with a trigger nozzle. A permit is required before filling a pool with more than 500 litres.
  • Fines: 220$ for residents and 550$ for businesses.

The Bureau of Meteorology has predicted a hotter-than-usual summer, with no forecast for significant rain.

Who Owns Water Rights in Australia?

In March 2019, a report showed that 1 in 10 water entitlements – right to an ongoing share of water, which can be sold by irrigators, companies or investors – is foreign owned and investors from China and the US had the largest stake.

Water entitlement thus gives access to an exclusive share of water from a water resource. [Olam, SMH]

Follow us: Facebook and Twitter. By the way you can also support us on Paypal. Please and thank you!

LEAVE A REPLY

Please enter your comment!
Please enter your name here

This site uses Akismet to reduce spam. Learn how your comment data is processed.