PRINCE GEORGE - Enbridge Inc. has broken ground on a $4-billion natural gas pipeline expansion in British Columbia. The federal government approved the Sunrise Expansion Program in April. The project aims to add another 300 million cubic feet per day of transportation capacity to the province's natural gas transmission system. The Sunrise project is using Canadian melted and poured steel supplied by InterPro Pipe and Steel in Saskatchewan. The federal government says [Read more]
Alberta, Saskatchewan make compelling case for supplying U.S. with oil: Hoekstra
EDMONTON - The U.S. ambassador to Canada says Alberta and Saskatchewan could make the "most compelling" case to meet the oil needs of the United States. Pete Hoekstra says the U.S. needs to find three to four million more barrels of oil per day over the next decade and that Canada is one of the best places to get it. He says members of U.S. President Donald Trump's cabinet were eager to sign a deal last year for more Canadian oil but that the president wanted negotiations to continue [Read more]
Canadian Utilities says Yellowhead pipeline project approved, construction to begin
CALGARY - Canadian Utilities Ltd. says the Alberta Utilities Commission has approved the Yellowhead natural gas pipeline project with construction set to begin immediately. The $2.9-billion project includes the construction and operation of a 235-kilometre natural gas transmission pipeline from the Peers area in west-central Alberta to the Fort Saskatchewan region and one compressor station. It is expected to deliver over 1.1 billion cubic feet of natural gas once it is in service. The [Read more]
Keyera tells Competition Tribunal $5.15B Plains purchase ‘pro-competitive’
CALGARY - Keyera Corp. has told the Competition Tribunal that its purchase of Plains' All American Pipeline LP's natural gas liquids business does not amount to the acquisition of a "vigorous, effective rival" and was instead a "pro-competitive development." The Competition Bureau announced in May that it had applied to the court-like tribunal to challenge the $5.15-billion deal, which closed shortly thereafter. The federal watchdog argues the purchase is likely to harm energy producers [Read more]
Close to 800,000 have applied for $100 rebate, payments coming: Alberta’s Smith
EDMONTON - Alberta Premier Danielle Smith says close to 800,000 people have applied for her government's $100 energy rebate. Smith says she expects the first batch of payments to start landing in Albertans' bank accounts in the next few days. She also says the government is looking at ways to streamline the process after some reported having issues with the online application. Smith says it's too soon to say whether the affordability payments will continue or if the government will [Read more]
Canada-wide arrest warrant issued for man exposed in Panama Papers
OTTAWA - A Canada-wide arrest warrant has been issued for a British Columbia man charged with tax evasion who was exposed in the Panama Papers. In 2019, the CRA said it had identified nearly 900 Canadian individuals and corporate entities in a 2016 leak of information from a Panamanian law firm that reported hundreds of billions of dollars sheltered in tax havens around the world, at the expense of numerous countries' treasuries. Properties tied to Wentao Yang and his wife, Rong Catherine [Read more]
ARC Resources shareholders approve Shell’s $22B acquisition proposal
CALGARY - ARC Resources Ltd. says its shareholders have voted in favour of a previously announced plan that would see global energy heavyweight Shell PLC acquire the Calgary-based natural gas producer. The deal, announced in April, is valued at $22 billion, accounting for the target company's debt. It would give Shell access to ARC's holdings in the prolific Montney shale formation that last year produced 374,000 barrels of oil equivalent per day. ARC says 99.54 per cent of voting [Read more]
Alberta, Ottawa and oilsands companies reach Pathways agreement
CALGARY - The Alberta government, Ottawa and five major oilsands producers have signed a memorandum of understanding to advance the multibillion-dollar Pathways carbon capture and storage project. The Pathways project is a condition for a new West Coast oilsands pipeline moving ahead. The federal government has committed to extending investment tax credits for various carbon capture equipment to 2035. Alberta says it will finalize its own incentive program for carbon capture. The [Read more]
Turbulent month of economic data leaves Bank of Canada right back where it started
OTTAWA - The Bank of Canada is set to make its fifth interest rate announcement of the year on Wednesday following a turbulent few weeks on the global stage and in Canadian economic data. Despite the flurry of developments since the central bank's last rate decision in June, most economists are expecting monetary policymakers to leave the key borrowing rate unchanged at 2.25 per cent. The Bank of Canada has been walking a tightrope lately as forces like U.S. tariffs and the Iran war [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: ARC shareholder vote ARC Resources Ltd. shareholders are set to vote Tuesday on a deal that will see the company acquired by Shell plc in a stock-and-cash deal valued at $22 billion, including assumed debt. The deal gives Shell access to ARC's holdings in the prolific Montney shale formation. Bank of Canada The Bank of Canada will make an interest rate announcement and release its latest monetary [Read more]