CALGARY - The increasingly divisive debate over pipelines, with the economic benefits and environmental concerns they carry, has been selected as The Canadian Press business story of the year. In an annual survey of newsrooms across the country, pipeline development edged out another politically charged issue — real estate — by a single vote, a reflection of how the two stories competed for attention throughout 2016. The year saw Prime Minister Justin Trudeau attempt to strike a [Read more]
In 2017, Canadian economy will get its first taste of the Trump era
OTTAWA - The Canadian economy exits 2016 with bruises from the still-tough adjustment to weak crude prices and scars from the devastating wildfires that singed the oil patch. It enters 2017 with lingering challenges and a potential new obstacle that could attract more attention than the rest: the economic unknowns of a Donald Trump presidency. While it remains to be seen what will become of the U.S. president-elect's vows in areas like taxation, trade and investment, their [Read more]
Offshore ban in Arctic will cost northern economy: Northwest Territories premier
CALGARY - A federal decision to stop issuing offshore oil and gas licences in the Arctic was made without consultation with the people whose economy stands to pay the price, Northwest Territories Premier Bob McLeod said Wednesday. The leader of the territory south of the oil-rich Beaufort Sea said he heard about the new policy just two hours before it was made public Tuesday in a joint statement by Prime Minister Justin Trudeau and U.S. President Barack Obama. McLeod said he is [Read more]
Canada will capitalize if Trump takes step back on climate change: Trudeau
CALGARY - Prime Minister Justin Trudeau says if the United States takes a step back on fighting climate change under Donald Trump, Canada will capitalize. After a Calgary speech to business owners, Trudeau was asked whether he was committed to his climate plan, which includes a national price on carbon, even if it makes Canada less competitive with the U.S. under the incoming president, who has sent mixed messages on the climate issue. "Let's see what the president actually does [Read more]
Trudeau promises two emergency towing vessels for West Coast
VANCOUVER - During his first visit to British Columbia since the controversial approval of the Trans Mountain pipeline expansion, Prime Minister Justin Trudeau grappled with two major issues facing the province — tanker traffic and the opioid crisis. Trudeau toured a commercial tugboat on Tuesday in Vancouver, where he announced that two emergency towing vessels that were promised as part of a federal plan to protect Canada's oceans will operate on the West Coast. "Both of these [Read more]
Saskatchewan sets record for natural gas use amid extreme cold snap
REGINA - Extreme cold temperatures over the weekend led to a new record for daily natural gas consumption in Saskatchewan. SaskEnergy says it set a 24-hour record on Friday of delivering 1.33 petajoules of natural gas to customers — three per cent higher than the record set in January of this year. A petajoule is a unit of measurement equivalent to one million gigajoules of natural gas and the average home in Saskatchewan uses about 105 gigajoules of natural gas a year. [Read more]
Breaking the boom and bust: A look at how Alberta is trying to diversify economy
CALGARY - As Alberta struggles to emerge from one of its worst economic downturns, Premier Rachel Notley has been pushing to make the province less reliant on oil and the boom and bust cycle that comes with it. The government has launched various grants and incentives in an effort to lure investment from a wide range of industries. Critics have instead called for lower taxes and a delay on environmental policies as a way of stimulating the province's moribund economy. Here's a [Read more]
Shareholders vote in favour of Enbridge’s $37B Spectra Energy takeover
CALGARY - Shareholders have voted in favour of Enbridge's $37-billion takeover of Spectra Energy in what will be the largest acquisition of a foreign company in Canadian history. The all-stock deal, if approved by regulators, will bring together Enbridge's extensive oil-focused pipeline portfolio with Spectra's sizable natural gas pipelines and infrastructure to form a company that was projected to have a combined value of $165 billion when it was announced in September. Enbridge [Read more]
Analysts praise Athabasca Oil for bargain price paid for Statoil oilsands assets
CALGARY - Athabasca Oil Corp. (TSX:ATH) is paying a bargain price for Statoil's northern Alberta oilsands assets, observers say. Statoil, a Norwegian national oil corporation, has likely invested billions of dollars in the oilsands, financial analysts said. It bought an early stage Alberta oilsands company in 2007 and opened its 24,000-barrel-per-day Leismer thermal oilsands project in 2010. The sale announced after markets closed Wednesday will see Athabasca pay up to [Read more]
Canadian Natural to spend less on Horizon oilsands in 2017, more on exploration
CALGARY - Canadian Natural Resources Ltd. (TSX:CNQ) has set out a $3.9-billion capital budget for the year ahead, while emphasizing the potential to ramp up or retreat on spending depending on the market. "A trademark of Canadian Natural is our capital flexibility," said president Steve Laut during a Thursday conference call with analysts. Laut said there's room to increase spending on exploration and drilling by up to $525 million and to spend $70 million to debottleneck [Read more]
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