EDMONTON - Alberta is using money from large industrial greenhouse gas producers to help finance a green energy project.Premier Rachel Notley says $10 million will go to Edmonton-based SBI BioEnergy to build a $20 million facility that will produce a diesel-like fuel from off-grade canola.The $10 million is from a tax the government collects from companies for every tonne of CO2 emissions they produce over reduction limits.A not-for-profit organization created by the province called the Climate [Read more]
Supreme Court agrees to hear Ontario first nation’s appeal over Line 9
TORONTO - The country's top court has agreed to hear an appeal from an Ontario first nation over a controversial pipeline that runs through one of Canada's most populous corridors.The Supreme Court of Canada has granted the Chippewas of the Thames First Nation leave to appeal a decision of a lower court regarding Enbridge Inc's Line 9 pipeline.The legal case pits the first nation against Enbridge (TSX:ENB), the National Energy Board and the Attorney General of Canada.The aging Line 9, which runs [Read more]
Penn West seeking leeway from lenders, posts $1.6-billion quarterly loss
CALGARY - Penn West Petroleum, which posted a $1.6-billion net loss for the last three months of 2015, is looking for some leeway from its lenders.The Calgary-based crude producer said Thursday that it should finish the first quarter onside with its debt agreements, but warned that won't be the case by the end of June if low oil prices persist.The company said it is in talks with bank lenders and senior noteholders about amending agreements. It's also looking at more asset sales on top of the [Read more]
TransCanada confirms talks about potential deal after U.S. report
CALGARY - TransCanada confirmed it is in talks about a potential deal following a media report that the Calgary-based pipeline giant was discussing a takeover of a U.S. natural gas pipeline operator.The Wall Street Journal, citing anonymous sources it said were familiar with the matter, reported that a deal with Columbia Pipeline Group Inc. could be worth more than US$10 billion.In a brief statement, TransCanada said talks are underway with an unidentified party, but there's no guarantee they [Read more]
Baffin Island Inuit can appeal seismic fight to Supreme Court
OTTAWA - The Supreme Court has announced it will review two decisions of the National Energy Board related to energy development and aboriginal consultation.In a decision released Thursday, the high court ruled it will hear a judicial review of a board decision to allow seismic testing in the waters off the east coast of Baffin Island, which was opposed by the Inuit village of Clyde River, Nunavut.The court also said the Chippewa of the Thames First Nation in southern Ontario can appeal an [Read more]
Petrolia says Quebec premier will respect contract to drill on Anticosti Island
QUEBEC - The Quebec government will respect a contract it signed with energy firm Petrolia for exploratory oil and gas drilling on Anticosti Island, the company's president said Wednesday after meeting with the premier.Alexandre Gagnon had been calling for a meeting with Philippe Couillard since the latter signalled a few weeks ago he wanted to back out of the deal."The project is going ahead and (the government) will respect the contract," Gagnon told reporters following the meeting.Couillard's [Read more]
Liberals share Energy East pipeline ‘common objective,’ Carr tells Senate
OTTAWA - Jim Carr, the Liberal government's point man on energy resources, says he shares a "common objective" with those who want to see the Energy East pipeline completed between Alberta and New Brunswick.The natural resources minister faced a barrage of questions in the Senate on Wednesday about TransCanada's controversial, $15.7-billion proposed oil pipeline.Former Liberal senators were among those pushing Carr to approve the project, with several making the case that an energy-rich country [Read more]
Esso deal to expand Couche-Tard’s presence in Canada’s two largest cities
MONTREAL - Alimentation Couche-Tard will earn a bigger slice of fuel sales in Canada's two largest markets after striking a $1.69 billion deal with Imperial Oil to buy 279 Esso retail stations.The Quebec-based company said 229 of the stations are located in Ontario, mainly in the Greater Toronto Area as well as London and Ottawa. Another 50 stores will be added in Montreal and the city's South Shore.The acquisition means Canada's largest convenience store operator will see its fuel market share [Read more]
Crescent Point writes down oil and gas assets, posts $382.4 million net loss
CALGARY - A day after Saskatchewan's election campaign kicked off, the boss of one of the province's major oil producers said he's happy with the incumbent government.On a conference call to discuss Crescent Point Energy's quarterly results on Wednesday, an analyst asked CEO Scott Saxberg if he had any thoughts on the campaign.Initially, Saxberg chuckled and said, "Not really."But after a pause, he said, "We're pretty supportive of the government there.""They've done a great job for that [Read more]
Imperial Oil to sell Esso stations to five fuel distributors for $2.8 billion
CALGARY - Imperial Oil says it has reached deals to sell its remaining 497 Esso retail stations in Canada to five fuel distributors for a total of $2.8 billion.Alimentation Couche-Tard Inc. is set to buy 279 stations in Ontario and Quebec for nearly $1.69 billion.Meanwhile, 7-Eleven Canada Inc. is buying 148 stations in Alberta and British Columbia, Harnois Groupe petrolier buying 36 in Quebec and Wilson Fuel Co. Ltd. buying 17 in Nova Scotia and Newfoundland.Parkland Fuel Corp. says it will buy [Read more]
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