TORONTO - Five things to watch for in the Canadian business world in the coming week: Bank of Canada The Bank of Canada on Wednesday will publish a summary of the governing council's monetary policy deliberations for its interest rate decision earlier this month. The central bank held its policy rate at 2.25 per cent, saying the economy is showing signs of improvement. It pointed to growth picking up and inflation projected to ease gradually from its recent spike. CPKC Canadian [Read more]
B.C. government allows accelerated expansion of the Tilbury LNG fuel facility
VICTORIA - The British Columbia government is exempting a utility company that plans to expand its liquefied natural gas plant in Metro Vancouver, allowing the $2-billion investment to move ahead. Energy Minister Adrian Dix says the government has issued an order-in-council that will exempt Fortis BC from getting a permit, requiring the company to show that the proposed expansion of the Tilbury LNG facility in Delta, B.C. protects the public interest. Normally, developers need to obtain a [Read more]
Canadian, U.S. stock markets fall as oil tops US$90 a barrel
TORONTO - Canadian and U.S. markets lost ground Thursday following a sharp increase in oil prices after attacks on two Saudi oil tankers in the Red Sea. Carol Schleif, chief market strategist at BMO Private Wealth, said that markets were facing a “wall of worry” with stocks seeing pressure from several factors, including higher oil prices and nervousness about the AI trade. “It's important to take a step back and realize markets have done really well, year-to-date. The TSX was at [Read more]
Fuel costs on the rise as latest geopolitical turmoil drives up crude oil prices
CALGARY - Fuel costs are on the rise in Canada as geopolitical turmoil drives the price of crude oil to its highest level in more than a month. Gasbuddy.com, which crowdsources pump price data from across Canada and the U.S, says the Canadian national average now sits above $1.80 a litre — a two-cent increase from a day earlier and an eight-cent bump from a week ago. Patrick De Haan, head of petroleum analysis at Gasbuddy, says that could rise by another five to 10 cents over the [Read more]
Manitoba Premier Kinew ‘willing to entertain’ Alberta to Ontario pipeline
CHARLOTTETOWN - Manitoba Premier Wab Kinew says he's open to a west-east pipeline being pitched by his counterparts in Alberta and Ontario. Kinew says the pipeline could make Canada stronger and there are workers in his province who would be eager to help build it. But he says major projects like pipelines need to be built the right way, by addressing environmental concerns and bringing Indigenous governments on board. Speaking at a meeting of premiers in Charlottetown, Kinew says he's [Read more]
TC Energy brings two new western Alberta gas transport projects into service
CALGARY - Natural gas shipper TC Energy Corp. says two newly built projects are up and running in western Alberta. The Calgary-based company says it invested a total of $500 million in its Valhalla North and Berland River projects. They're part of TC's vast NGTL System that carries natural gas throughout Alberta and B.C. Valhalla North is a 33-kilometre pipeline northwest of Grande Prairie, Alta., and Berland River is a 30-megawatt electric powered compressor station northwest of Edson, [Read more]
Construction begins on $4B Enbridge natural gas pipeline expansion in B.C.
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]
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