The result of the U.S. presidential election in lower than three weeks may depart Canada’s oil patch in much more turmoil.
Particularly weak to the result’s the Keystone XL pipeline, a venture championed by U.S. President Donald Trump however strongly opposed by Democratic presidential nominee Joe Biden.
“A Trump win could be higher than a Biden win, as a result of a veto of Keystone could be one other physique blow to investor confidence in Western Canada,” mentioned Ted Morton, a former Alberta vitality minister, in a telephone interview.
That mentioned, there’s nonetheless hope for the Canadian vitality sector below a Biden administration, because the latter would deliver in additional inexperienced vitality insurance policies and reverse Trump’s company tax cuts, which may truly create extra funding in Canada, he mentioned.
“If President Trump wins a second time period, there could also be a delay in inexperienced vitality insurance policies, however, in the end, the truth of worldwide warming will prevail,” mentioned Alice Hill, a local weather change adviser to former president Barack Obama and a senior fellow on the Council of International Relations.
The Keystone XL venture is anticipated to create 17,000 Canadian jobs and add $2.four billion to the nation’s GDP, in response to the Canadian Vitality Centre, a provincial company mandated to advertise Alberta’s vitality business. BNN Bloomberg studies.
Alberta Premier Jason Kenney mentioned he stays hopeful about Keystone’s future.
“We’re working with many individuals in america who help this venture, together with many individuals within the Democratic get together,” Kenney mentioned in a information convention Thursday evening. The Canadian Press has extra.
An inner BP memo reveals plans to make nearly 7,500 necessary job cuts, with solely about 2,500 staff on the British multinational making use of for voluntary severance.
Many office-based workers will probably be laid off, together with in BP’s core oil and fuel exploration and manufacturing division, the place 1000’s of engineers, geologists and scientists will probably be proven the door. The layoffs won’t have an effect on frontline manufacturing services.
In an announcement, BP mentioned it’s “persevering with to make progress towards totally defining our new group. … We count on the method to finish and for all workers to know their positions within the coming months,” Reuters reported.
On Friday morning at 9:00 a.m., West Texas Intermediate was buying and selling at US$40.13 and Brent Crude was going for US$43.32.
The federal authorities has ordered a nationwide safety overview of the acquisition of Canadian-based mining firm TMAC Sources Inc. by Chinese language firm Shandong Gold Mining Co. Valued at $230 million, the deal was struck again in Could. It has obtained regulatory approvals from China, and TMAC shareholders voted in its favour in June.
If accepted, TMAC hopes to seal the deal within the first quarter of 2021, however acknowledged Ottawa could not full the regulatory overview on time.
This story was final up to date on Oct. 16 at 3:40 p.m.