CALGARY - Alberta oilsands workers forced to flee the ferocious Fort McMurray wildfire are returning to begin the tricky process of restarting their projects in northern Alberta, reassured by colder weather and a forecast of rain.In a Tuesday morning update, provincial emergency officials said the Fort McMurray wildfire had grown to 523,000 hectares, almost the size of Prince Edward Island, and was still out of control but moving farther east and northeast away from the city and industrial [Read more]
Alberta wildfire expected to have relatively modest macro-economic impact: Morneau
OTTAWA - Finance Minister Bill Morneau says he expects the Alberta wildfires to have a relatively modest impact on the broader economy.Morneau also says the economic fallout from the disaster will be largely contained to the current quarter of the fiscal year.A huge wildfire forced the evacuation of Fort McMurray as well as the shutdown of some economically important oilsands operations.The blaze also destroyed 2,400 buildings in Fort McMurray.Morneau says investments over the coming months in [Read more]
‘Relatively aggressive’ change needed to lift Canada’s economy, Barton warns
MONTREAL - The man hand-picked to help revive the Canadian economy enters the job with a lot of hope, but he's adamant that the country needs to act — and soon. Dominic Barton, the global managing director of consulting giant McKinsey & Co., was tapped by Finance Minister Bill Morneau to chair a federal advisory council responsible for drawing up a plan to lead Canada out of its cycle of feeble economic growth. Barton spoke to The Canadian Press in a wide-ranging interview about his [Read more]
Connacher Oil gets court OK to put oilsands leases, plants up for sale
CALGARY - Connacher Oil and Gas Ltd. and its court-appointed monitor are seeking offers for its oilsands leases and extraction plants.The Calgary-based company says prospective buyers have until June 30 to submit initial non-binding letters of intent.Connacher's assets include two extraction facilities that produced about 14,500 barrels per day in 2015. Currently, their output has been reduced to 8,000 barrels per day due to low commodity prices.The company also has 87,000 net acres (35,200 [Read more]
Despite regulator approval, more hurdles await Trans Mountain pipeline:Observers
CALGARY - Canada's national pipeline regulator has signed off on a proposal to triple the capacity of the Trans Mountain pipeline from Alberta's oilsands to the West Coast but neither opponents or supporters consider its construction a fait accompli.The National Energy Board said Thursday that the controversial $6.8-billion project proposed by Kinder Morgan is in Canada's best interest, provided 157 conditions are met. It forwarded its recommendation to the federal cabinet for a decision [Read more]
Reaction to the National Energy Board’s approval of the Trans Mountain pipeline
VANCOUVER - The National Energy Board has recommended that the federal government approve the contentious $6.8-billion Trans Mountain pipeline expansion with 157 conditions. The federal regulator issued its long-awaited report Thursday on the project after a two-year debate.Here's some reaction to the decision:"We can't build more pipelines and meet the international climate commitments that Canada agreed to in Paris. With more and more extreme weather events endangering communities, it's clear [Read more]
Standard & Poor’s downgrades Alberta’s credit rating, cites weak budget, debt
EDMONTON - Alberta's credit rating has been downgraded again.Standard & Poor's has changed the province's rating from double-A-plus to double-A.The company says the downgrade reflects what it calls "Alberta's very weak budgetary performance and high, increasing debt burden."It also cites uncertainty about the province's willingness to take measures to improve its budget shortfalls within the next two years.Last month, Moody's Investor Service and DBRS both downgraded Alberta's credit rating due [Read more]
B.C. minister applauds LNG agreement between Fortis, Hawaiian Electric
VICTORIA - Energy company Fortis Inc. (TSX:FTS) has signed an agreement to provide liquefied natural gas from British Columbia to the Hawaiian Islands. B.C.'s minister of natural gas development Rich Coleman says the agreement between Fortis and Hawaiian Electric Company is one of the first to export LNG from this province. A news release from Fortis says the 20-year agreement is still subject to regulatory approvals in B.C. and Hawaii, but could see 800,000 metric tons of LNG shipped from [Read more]
Crews hold back Fort McMurray fire from oilsands as flames move into Saskatchewan
EDMONTON - Crews were holding a destructive wildfire away from oilsands facilities and communities in northern Alberta on Thursday as flames spread into neighbouring Saskatchewan.The blaze, dubbed "the beast" by firefighters after it entered Fort McMurray two weeks ago, has grown to about 5,000 square kilometres in size, with nearly eight square kilometres stretching over the Saskatchewan boundary.Alberta senior wildlife manager Chad Morrison said the fire has burned the same amount of forest as [Read more]
Key dates in the history of the Trans Mountain oil pipeline from Alberta to B.C.
CALGARY - Kinder Morgan's proposal to triple the capacity of its 63-year-old Trans Mountain oil pipeline to 900,000 barrels per day has faced a rough ride from environmentalists, aboriginal groups and municipalities. It is not the first expansion of the pipeline, but it has faced the most scrutiny. Here are some key dates in the history of the Trans Mountain pipeline, which was granted conditional approval Thursday by the National Energy Board for its planned expansion: October 1953: The [Read more]
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