CALGARY - Suncor Energy Inc. is sending high-demand products like jet fuel and diesel from its Canadian refineries to a variety of far-flung global destinations as strife in the Middle East continues to squeeze supplies. In March, the Calgary-based oilsands producer, oil refiner and fuel retailer made sales in the Philippines and Puerto Rico, "both at significant premiums to market pricing," chief financial officer Troy Little told analysts on a conference call Wednesday. "We have spent [Read more]
Oil execs, climate groups decry slow pace of Alberta MOU, though differ on carbon tax
OTTAWA - Five of Canada's largest oilsands producers and clean energy groups are separately criticizing the federal and Alberta governments for slow progress on finalizing aspects of the energy deal signed last year. The pact pairs the prospect of a new oil pipeline to the West Coast with several environmental measures, including industrial carbon pricing and an agreement for reducing methane emissions. In a statement published Monday, the Oil Sands Alliance — formerly known as the [Read more]
Equinor submits Bay du Nord plans to Newfoundland and Labrador energy regulator
ST. JOHN'S - Norway's Equinor has submitted a development application for its proposed Bay du Nord oil project to Newfoundland and Labrador’s energy regulator. The board of the Canada-Newfoundland and Labrador Offshore Energy Regulator will decide if the development is in the public interest. The application will ultimately land with the federal natural resources minister and the provincial minister of energy for approval. However, the public will have a chance to weigh in on the [Read more]
Competition Bureau challenging Keyera deal with Plains All American Pipeline
CALGARY - The Competition Bureau is challenging Keyera Corp.’s proposed deal to buy the Canadian natural gas liquids business of Plains All American Pipeline LP. The regulator says the proposed transaction would reduce competition at Canada’s most important natural gas liquids hub at Fort Saskatchewan, Alta. It says it is seeking an order from the Competition Tribunal to preserve competition. The bureau says the deal would significantly increase market concentration in natural gas [Read more]
Five things to watch for in the Canadian business world in the coming week
TORONTO - Five things to watch for in the Canadian business world in the coming week: Loblaw results Loblaw Cos. Ltd. will release its first-quarter results on Wednesday morning before markets open. The grocery and drugstore retailer has been working to build its discount stores and private-label products as shoppers continue to hunt for deals. Telecom earnings Two of the country's big telecommunications companies are expected to report earnings. BCE Inc. will report its [Read more]
Alberta oil pipeline is ‘more likely than not’ Carney says
OTTAWA - Prime Minister Mark Carney says a new oil pipeline out of Alberta is "more likely than not." In his first sit-down interview with The Canadian Press since becoming prime minister more than a year ago, Carney said Friday that given the increased global demand for secure new sources of energy due to the war in Iran, and Canada's need to diversify to Asian markets, a new pipeline is "more probable than possible." "It's all part of a bigger package. We're making progress on that [Read more]
‘Ash, smoke and flames everywhere’: Memories of the 2016 Fort McMurray wildfire
FORT MCMURRAY - A massive wildfire quickly spread into the oilsands city of Fort McMurray, Alta., on May 3, 2016. It forced more than 90,000 people out of the region, damaged or levelled 2,500 homes and scorched nearly 5,900 square kilometres of forest. Its cause remains unknown, but officials have said it rapidly grew due to an unusually dry and hot summer. It left a mark on many people in the city. Here are some of their memories of the day the fire known as The Beast came to [Read more]
Alberta’s Smith lauds new major Canada-U.S. oil pipeline permit, citing advocacy
EDMONTON - Alberta Premier Danielle Smith says a key approval for a cross-border oil pipeline project to deliver more of the province's crude to the United States is coming after years of advocacy from her government. U.S. President Donald Trump has signed a presidential permit authorizing the Bridger Pipeline expansion, considered a partial revival of the Keystone XL pipeline project. The Keystone XL pipeline proposal was repeatedly killed and resurrected, and at one point cost Alberta [Read more]
Spectre of renewed U.S. strikes on Iran drives wild oil price swings
CALGARY - A closely watched global crude benchmark briefly touched its highest price since war erupted in the Middle East more than two months ago before retreating on Thursday, as a resolution to the supply squeeze in the Strait of Hormuz remains elusive. Brent — the price benchmark tied to light, sweet, seaborne crude — for June delivery spiked above US$126 per barrel and then swiftly pulled back toward US$114. That monthly contract is only seeing light trading, with those for July delivery [Read more]
Trump’s trade czar says U.S. looking to work with Canada on energy: sources
WASHINGTON - United States Trade Representative Jamieson Greer told Canadians looking for insights into the future of bilateral trade this week that "America First" is policy, not a slogan, and they should not expect a return to the way things were. Sources who attended a roundtable with U.S. President Donald Trump's trade czar in Washington on Wednesday told The Canadian Press that Greer was measured and pragmatic as he laid out the administration's policy goals ahead of the coming review of [Read more]
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