Canadian Prime Minister JustinTrudeau said on Thursday a Kinder Morgan oil pipeline at thecentre of a dispute would be built in a way which best servesthe interests of Canadians. Speaking in London, Trudeau said he had asked the financeminister to engage in discussions with Kinder Morgan on theproject."I have asked the finance minister to engage in discussions,financial discussions, with Kinder Morgan and that's exactlywhat is going on," he said. "We will ensure that this [Read more]
Canada energy minister: Ottawa still in talks with Kinder Morgan
Canada's energy minister saidon Thursday the government is talking to Kinder Morgan CanadaLtd on Trans Mountain and that nothing has changedafter the company said Ottawa's promise of financial supportdoes not necessarily resolve the political risk around thepipeline. Natural Resources Minister Jim Carr told reporters that thegovernment is treating the company's May 31 deadline as real andthat Kinder Morgan is feeling pressure from its investors. (Reporting by David Ljunggren, [Read more]
Caisse de depot pension fund reveals stake in Kinder Morgan
Canada's second biggest public pension fund, Caisse de depot, held a 7.8 percent stake in Kinder Morgan Canada Ltd at the end of last year, according to its annual report, making it the largest independent shareholder of the pipeline company at the center of a contentious expansion project. Caisse de depot et placement du Quebec, which discloses its shareholdings in Canadian companies once a year,said it acquired the stake in the period following Kinder Morgan Canada's initial public offering [Read more]
Oil climbs as glut wanes, traders eye WTI at $70
NEW YORK (Reuters) - Oil prices hit highs not seen since 2014, with U.S. crude edging closer to $70 a barrel, after OPEC producers told Reuters the inventory overhang has largely disappeared and as top exporter Saudi Arabia aims to push prices even higher. Traders said speculators continue to bet on further upside, expecting potential supply disruptions and further drawdowns, driven by strong demand. U.S. West Texas Intermediate (WTI) crude futures were up 57 cents at $69.03 as of 11:25 [Read more]
Shell Canada’s Corunna plant to begin major turnaround on Thursday- local media
Shell Canada's Corunna plant in Sarnia,Ontario will undergo a major turnaround beginning Thursday,according to a news report on blackburnnews.com. The work is expected to last nearly two months, the reportsaid. Shell operates a 75,000 barrels per day refinery at Corunna. (Reporting by Vijaykumar Vedala in Bengaluru) [Read more]
Kinder Morgan Canada sees continued risk on oil pipeline expansion
Kinder Morgan Canada Ltd saidon Wednesday that its Trans Mountain oil pipeline expansionproject was facing "unquantifiable risk" due to the BritishColumbia government's continued opposition and reported a 5.1percent drop in first-quarter earnings.British Columbia said on Wednesday that it would file alegal challenge in the province to determine whether it has thejurisdiction to stop the C$7.4 billion ($5.9 billion) expansion,which was approved by the federal government in 2016. [Read more]
Kinder Morgan Canada’s quarterly profit down 5 pct on lower transported volumes
Kinder Morgan Canada Ltd ,operator of the Trans Mountain pipeline, reported on Wednesdayan 5.1 percent drop in first-quarter profit hurt by a fall involumes of crude oil and refined products transports.Kinder Morgan Canada, which was spun off from parent KinderMorgan Inc in May last year, reported a net income ofC$44.4 million ($35.17 million) for the first quarter endedMarch 31, down from C$46.8 million for the same period lastyear. The company, which earlier this month suspended work on [Read more]
B.C. to file reference case to B.C. Court of Appeal seeking clarification on jurisdiction for Trans Mountain
The government of British Columbia said on Wednesday it would file a legal challenge of Kinder Morgan Canada Ltd's contentious Trans Mountain pipeline expansion by month-end, even as a poll showed mounting public support for the project. The West Coast province will file a reference case that asks the B.C. Court of Appeal to determine whether it has the jurisdiction to stop the $7.4 billion expansion,which was approved by the federal government in 2016. The legal process will tie the [Read more]
Two-thirds of Canadians now support Trans Mountain pipeline according to poll
Support in Canada for the expansion of Kinder Morgan Canada Ltd's contentious Trans Mountain pipeline is rising, according to a poll released on Wednesday, even as British Columbia said it would file a legal challenge by month-end. Two out of three Canadians now say that the government of British Columbia is wrong to try to block the $7.4 billion pipeline, according to a poll by the Angus Reid Institute, a 10-percentage point increase since February. Even in B.C., support for the pipeline [Read more]
U.S. oil inventories drop on strong demand
April 18 (Reuters) - U.S. oil stockpiles fell across the board last week with gasoline and distillates drawing down more than expected on stronger demand, sending crude prices to fresh three-and-a-half-year highs. Crude inventories fell 1.1 million barrels in the week to April 13, the Energy Information Administration said on Wednesday, compared with analysts’ expectations for a decrease of 1.4 million barrels. Gasoline stocks dropped by 3 million barrels, compared with analysts’ [Read more]