OTTAWA - The federal government is speeding up the timelines for the removal of rupture-prone tank cars from Canadian railroads. Ottawa has taken steps to phase out certain types of tank cars following the deadly train derailment and explosions in Lac-Megantic, Que., that killed 47 people in 2013. Transport Minister Marc Garneau announced new timelines today that will now see CPC-1232 tank cars that carry crude oil phased out by Nov. 1 — which is 17 months earlier than the … [Read more...]
Vancouver Island partners sign hull design contract for floating LNG project
VANCOUVER - The developer of a floating liquefied natural gas export facility proposed for Vancouver Island says it has a deal with a Korean shipbuilder for the design of two large at-shore hulls. Steelhead LNG and partner Huu-ay-aht First Nations say the agreement was signed at the Gastech Conference in Barcelona with Hyundai Heavy Industries to engineer and design the equipment for the Kwispaa LNG Project. The LNG export project, which features floating production and storage units, is … [Read more...]
U.S. Midwest refinery maintenance outages to weigh on Canadian oil prices
CALGARY - A maintenance shutdown at the refinery that is the largest buyer of Canadian heavy oil in the United States is expected to extend and possibly worsen the price discounts on crude from north of the border. Analysts at AltaCorp Capital in Calgary say the planned turnaround at the 430,000-barrel-per-day BP Whiting refinery in Indiana — which buys about 250,000 bpd of heavy crude from Canada — will reduce demand over the next month and a half. They say the shutdown adds to … [Read more...]
Enbridge signs deals for Enbridge Income Fund and U.S. subsidiaries
CALGARY - Enbridge Inc. has signed a deal worth $4.7 billion to acquire Enbridge Income Fund Holdings Inc. as it works to simplify its corporate structure. The company says the offer is 11.3 per cent higher than a proposal in May. Under the terms of an agreement, Enbridge Income Fund shareholders will receive 0.7350 of an Enbridge share and 45 cents in cash for each share they hold. The agreement comes as Enbridge says it has also signed an agreement to acquire the … [Read more...]
Pipeline plan coming by end of month, possibly guided by a former judge
OTTAWA - A senior federal source says the Liberals are considering hiring a former top judge to guide a renewed consultation with Indigenous communities on the Trans Mountain pipeline expansion. The Federal Court of Appeal last month quashed the approval given to the project, saying the consultation with Indigenous communities wasn't good enough and criticizing the lack of attention paid to the environmental impact of increased tanker traffic off the coast of British Columbia. The Liberals … [Read more...]
Clayton Riddell, co-owner of Flames and founder of Paramount Resources, dies at 81
CALGARY - Clay Riddell, billionaire businessman and co-owner of the Calgary Flames, has died. He was 81. The Flames confirmed his death in a statement on Sunday. "We mourn the passing of a great man of industry, sports, philanthropy and human decency along with our city, province and country. His legacies to all of us are immeasurable. To his family our gratitude, respect and deepest sympathy," said Flames vice chairman and CEO Ken King. Riddell joined Flames ownership in … [Read more...]
Gas explosions rare, but danger always present, Canadian experts say
MONTREAL - Energy experts say a chain gas explosion like the one that tore through three Boston suburbs could happen in Canada, but that such a possibility is unlikely. The director of the Queen's Institute for Energy and Environmental Policy says the type of multiple explosions that caused more than 20 fires and at least one death in Massachusetts is extremely rare. Warren Mabee says most networks have alarms that shut down the system before an excess of pressure starts leaking … [Read more...]
British Columbian members of the Order of Canada pen anti-pipeline letter
VANCOUVER - Dozens of Order of Canada members from British Columbia are urging the federal government to cancel the Trans Mountain pipeline expansion. Bonnie Sherr Klein, Dorothy Grant, Gabor Mate and Raffi Cavoukian are among 42 members who signed a letter asking the federal government to use the Federal Court of Appeal's ruling as an opportunity to rethink the project. In the letter, the signatories say they are concerned about the deep divisions that have been created by how … [Read more...]
Shell Canada gives up exploration permits to make way for protected area
VANCOUVER - Shell Canada Ltd. has given up it offshore exploration rights, clearing the way for the creation of Canada's first protected marine area under the Canada Wildlife Act. Shell voluntarily released about 50,000 square kilometres of permits in an area off northern Vancouver Island to allow for the creation of the Scott Islands marine National Wildlife Area. The permits cover an offshore area more than one-and-a-half times the size of Vancouver Island, and while Shell … [Read more...]
TD Bank says Alberta’s recovery ‘not heroic,’ but economy is improving
CALGARY - TD Bank says Alberta's battered economy is headed in the right direction, but warns there are still a number of hurdles that could hinder recovery. A report released Thursday by deputy chief economist Derek Burleton is predicting economic growth between two and 2 1/2 per cent for Alberta in the next year which follows an increase of nearly 4.9 per cent in 2017. "It was a nice bounce back last year, but growth is settling down this year and we're of the mind that you're gonna get … [Read more...]
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