HARTLEY BAY, B.C. - The women of the Gitga'at Nation of British Columbia will erect a symbolic blockade made of yarn across the Douglas Channel today to protest the federal government's approval of the Northern Gateway pipeline. The crochet chain will stretch 2.5 nautical miles across the opening of the narrow channel tankers will have to navigate to a marine export terminal to be built in Kitimat, on the north coast. Seventy-year-old Lynne Hill says the protest began in the community and [Read more]
Oil prices push higher as Iraq violence weighs on supply fears
The price of oil climbed on Thursday as the violence gripping energy producer Iraq continued to weigh on supply fears, with global crude pushing higher after hitting a nine-month high. Army troops and Islamic militants battled for control of Iraq's largest oil refinery, which by late Wednesday remained in government hands. All of the facility's output is used domestically so crude production and exports aren't affected but the violence underscores how the fighting may threaten the energy [Read more]
PrairieSky confirms first dividend since IPO will be paid in July
CALGARY - PrairieSky Royalty Ltd. (TSX:PSK) has confirmed that its first dividend will be paid next month to shareholders of record as of June 30. The company, which has traded publicly since May after it was spun off by Encana Corp., said it will pay a monthly dividend of 10.58 per share on July 15. PrairieSky had said in its initial public offering documents that it intended to pay monthly dividends, initially at an annualized rate of $1.27 per common share. Read the full release here... [Read more]
Former Canadian ambassador not confident Keystone project will get approval in U.S.
MONTREAL - A former Canadian ambassador says he's less confident than he was two years ago about a positive reaction in the U.S. to the Keystone XL pipeline project. Raymond Chretien says he's beginning to see signs that lead him to believe that the Americans may reject the project The former ambassador says President Barack Obama wants to go down in U.S. history books as an environmentally friendly president. Chretien points to a recent announcement by the Obama administration to back [Read more]
B.C. First Nations unite to fight feds on Northern Gateway approval
VANCOUVER - The president of the Haida Nation says B.C. First Nations are uniting to launch a sweeping legal challenge against the federal government over its approval of the Northern Gateway pipeline.Peter Lantin says the dispute has gone beyond the project proposed by Calgary-based Enbridge (TSX:ENB).He says it's become the focus of the battle for aboriginal rights in a province where the Crown has dragged its feet for generations on settling claims.Lantin says the federal approval has unified [Read more]
Enbridge plots next steps after Northern Gateway gets federal nod
CALGARY - Shovels won't likely be hitting the ground on Enbridge Inc.'s Northern Gateway pipeline anytime soon, but observers say the company has time, given the trajectory of oilsands growth and Asian crude demand.The multibillion-dollar project that will stretch from the Alberta oilsands to the B.C. coast, passed a key hurdle on Tuesday, with the federal government's approval. But the company itself has already signalled it would be in no rush to proceed if it got Ottawa's blessing, as it must [Read more]
Saskatchewan happy with Northern Gateway approval
REGINA - Energy Minister Bill Boyd says the federal government's conditional approval of the Northern Gateway project is good news for Saskatchewan, even though the province isn't pumping oil into the pipeline. Boyd says the pipeline will help address concerns Saskatchewan has about overall capacity and about getting oil to international markets. He says better international prices will lessen what is called the differential — the price gap between light and heavy oil. The minister says [Read more]
Alberta lauds federal Northern Gateway approval as good first step
EDMONTON - Alberta Premier Dave Hancock says the decision to approve the Northern Gateway pipeline is a step forward for the country. Hancock says the pipeline to ship Alberta crude to the B.C. coast is critical to diversifying Canada's economy and paying for goods and services, like health care. The federal government has given approval to the line, provided 209 conditions can be met, including engagement with First Nations and other communities along the pipeline route. Former federal [Read more]
Oil slips as market eyes developments in Iraq, latest reading on U.S. supplies
The price of oil fell Tuesday as fears over the prospect of disruption to Iraq's crude supplies subsided a little and traders awaited the latest report on U.S. supplies. Benchmark West Texas Intermediate crude for July delivery dropped 54 cents to US$106.36 a barrel on the New York Mercantile Exchange. Brent crude, a benchmark used to price international oils, gained 51 cents to US$113.45 a barrel on the ICE Futures exchange in London. Up to 275 U.S. soldiers moving into position to [Read more]
Feds approve Northern Gateway
The Harper government has approved Enbridge's Northern Gateway pipeline with several conditions. In December 2013 the NEB Joint Review Panel recommended that the federal government approve the project, subject to 209 required conditions. Read the release below courtesy Government of Canada: Government of Canada Accepts Recommendation to Impose 209 Conditions on Northern Gateway Proposal Proponent must demonstrate how conditions will be met, undertake further consultations [Read more]
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