Shell and Phillips 66 are working on a potential sale of their stakes in the company which owns the Explorer refined products pipeline, in a deal that could value the major piece of U.S. energy infrastructure at around $3.5 billion, people familiar with the matter said. The move reflects how heightened demand for energy infrastructure assets, especially from financial buyers, has boosted valuations and encouraged existing owners to sell and reinvest proceeds in core or higher-growth parts of [Read more]
News
Bank of Canada officials split over how long the recent economic rebound will last
OTTAWA - Members of the Bank of Canada's governing council were split over how sustainable a recent economic rebound could be, deliberations from the central bank's rate decision earlier this month show. The Bank of Canada held its benchmark interest rate steady at 2.25 per cent for a sixth straight time at its decision on July 15. Minutes tracking governing council's discussions heading into that announcement were released Wednesday. The deliberations show officials were growing more [Read more]
Canada advances global energy exports by signing second European LNG deal
NISGA'A NATION, BC, July 29, 2026 /CNW/ -- The world is changing rapidly. In response, Canada is focused on what we can control: building a stronger, more independent and more sustainable economy. As part of that plan, we are expanding and strengthening our international trade energy exports. Canada has what the world wants, and providing Canadian energy to our allies reinforces global energy security, domestic prosperity and Canada's position as an energy superpower. Today, The Honourable [Read more]
Ksi Lisims LNG inks 20-year supply deal with German utility Uniper
VANCOUVER - German utility Uniper says it has signed an agreement to purchase liquefied natural gas from the Ksi Lisims project planned for the northern British Columbia coast. Uniper and Ksi Lisims LNG say in a joint news release that the Duesseldorf-based company will purchase two million tonnes per year of LNG for up to 20 years, with first deliveries expected in 2032. They say the deal marks the first major long-term LNG supply agreement between Canada and Germany. Uniper and Ksi [Read more]
US, Saudi hit Iran’s allies in Iraq; Trump vows to punish Iran for firing at troops
The United States and Saudi Arabia jointly struck Iran-backed groups in Iraq on Wednesday, and President Donald Trump vowed to "beat the fucking shit" out of Iran for firing on U.S. troops just days after he suspended airstrikes. Iran confirmed late Tuesday that it had fired on U.S. bases in Jordan and at ships in the Strait of Hormuz, and also spurned an Omani proposal to jointly manage the strait. "We'll be hitting them hard," Fox News quoted Trump as saying. "We're going to beat the fucking [Read more]
US commercial crude stocks fall to lowest since 2018 on higher exports, refinery processing, EIA says
U.S. commercial oil inventory drew more than expected last week as refineries stepped up processing and exports climbed, the Energy Information Administration said on Wednesday, as the war between the United States and Iran escalated. Crude inventories, excluding stocks in the U.S. government's Strategic Petroleum Reserve, fell by 7.2 million barrels to 404.5 million barrels, the in the week ended July 24, the EIA said, the lowest level since 2018. That compared with analysts expectations in a [Read more]
Saudi consortium advances plans for $5 billion Gulf refinery
The MERA Oil consortium of U.S. and Saudi Arabian companies is advancing plans for a $5 billion integrated refinery and export corridor in the Gulf aimed at boosting regional energy infrastructure, its partners said on Wednesday, as the Iran war continues to disrupt energy flows. * Texas-based energy development company MWG Group, the Patel Family Office and PWS, an associate company of Saudi industrial conglomerate AHQ Group, have entered the final stage of site selection for the refinery, [Read more]
US issues new Iran-related sanctions targeting insurers, more tankers
The United States on Wednesday issued another round of Iran-related sanctions, taking aim at Iran's efforts to "monetize the Strait of Hormuz" with designations of 10 entities and eight more tankers, the U.S. Treasury Department said. Six of the entities targeted for sanctions were based in China, it said. The sanctions followed a vow by U.S. President Donald Trump earlier on Wednesday to hit Iran hard, according to an interview with Fox News, after the U.S. military said it had [Read more]
Break one kind of infrastructure to build another
Anyone suggesting we ‘advance’ trade discussions with the US by threatening to cut off or otherwise hinder energy supplies should be locked in a cage with a wolverine and a suppository and a mandate. I wish I was joking. But I’m not. The idea is so…bad. People. People. Stop hyperventilating. Stop throwing out panicked and insane ideas. Stop. Think. As a starting point, maybe think twice about threatening the energy supply of the most powerful nation on earth, the one that we overwhelmingly [Read more]
Cenovus reports Q2 profit up from year ago, raises 2026 production guidance
CALGARY - Cenovus Energy Inc. raised its production forecast for the year as it reported a second-quarter profit of $2.87 billion, up from $851 million a year ago. That amounted to $1.53 per diluted share, up from 45 cents per diluted share in the same quarter last year. Revenue totalled $17.4 billion, up from $12.3 billion a year earlier. Total upstream production was 970,400 barrels of oil equivalent per day, up from 765,900 boepd in the second quarter of 2025. Cenovus says it now [Read more]
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