As investors dump oil holdings, Canadian Natural overtakes Suncor as Canada’s most valuable energy company

Article content continuedEven with the premium offered, TC Pipelines shares are still down 32 per cent on the year, as the coronavirus pandemic has been bearish on all companies in the oil and gas business.“Everybody has had a tough year. Suncor has had an incrementally tough year,” BMO’s Ollenberger said. “In addition to the coronavirus pandemic-caused collapse in both oil prices and...

The Great Rethink: It’s time to reassess how our provinces manage natural resource wealth

Article content continued“Governments aren’t always effective in placing the money in the right spots,” he said. “The future wealth is disappearing because of incompetent management.”Oddly, Canada’s most disadvantaged communities follow the Hartwick Rule to the letter and, partly due to strict regulations, have turned physical assets into financial assets.The future wealth is...

New oilfield discovered in Kazakhstan

NUR-SULTAN, Kazakhstan – A fountain oil flow fountain appeared during geological exploration at the Bekturly Vostochny exploration block in the Mangistau region in western Kazakhstan, Kazakhstan’s state oil and gas KazMunayGas (KMG) said on June 23.The fountain oil inflow erupts at a rate of up to 100 cubic metres per day and was obtained according to the results of high-tech seismic...

Brookfield, Teachers part of consortium in US$10 billion Abu Dhabi pipeline deal

Two large Canadian institutional investors, Brookfield Asset Management and the Ontario Teachers’ Pension Plan, are part of a consortium paying US$10.1 billion for a 49 per cent stake in a pipeline subsidiary of the Abu Dhabi National Oil Company in the largest infrastructure deal in the world this year.The newly created subsidiary will have lease rights to 38 pipelines covering a total of...

Australia to sign petrol and oil deal with US to boost emergency stockpile | Australia news

The federal government will sign a new agreement with the United States to boost Australia’s emergency fuel stockpiles. The energy minister, Angus Taylor, will sign a deal in Washington to secure access to the US petrol and crude oil supply. Australia has an international obligation to have 90 days worth of supply, but in August it had only enough petrol and crude oil to last 28...

Bulgaria to acquire 20% of Alexandroupolis LNG project in Greece

The Council of Ministers of the Bulgarian Government has approved the participation of Bulgaria’s state gas transmission company, Bulgartransgaz, by a percentage of 20% in the share capital of Gastrade, which is developing the EU-backed LNG Terminal in Northern Greece off the shore of Alexandroupolis, Gastrade said. The terms of the agreement were signed on 8 January by the Founding...

EU clears acquisition of CC&I to boost energy transmission in Spain, Chile and Brazil

The acquisition of Celeo Concesiones e Inversiones (CC&I) of Spain by Pasterze Investments Holding (PIH) of the Netherlands and Elecnor of Spain complies with EU Merger Regulation, the Commission said on 16 December, noting that CC&I, currently part of Elecnor, will serve as a joint platform to develop and manage energy transmission infrastructure projects and renewable energy projects...

Kazakhstan regains full control of power station from Russia

NUR-SULTAN, Kazakhstan – Samruk-Kazyna National Welfare Fund has acquired a 50% stake in Ekibastuz State District Power Station-2 JSC, the largest power plant in northern Kazakhstan, Managing Director Almasadam Satkaliev told a briefing on 12 December. Samruk-Kazyna announced the completion of a deal to acquire a stake in Ekibastuz GRES-2 from the Russian company Inter RAO. Two years ago,...

Russia commences Power of Siberia pipeline gas supplies to China

Russia started on 2 December Russian gas pipeline supplies to China via the ambitious Power of Siberia gas pipeline or so-called eastern route. Taking part in a ceremonial event via conference call were Russian President Vladimir Putin, his Chinese counterpart, Xi Jinping, Gazprom Chairman Alexey Miller and China National Petroleum Corporation (CNPC) Chairman Wang Yilin. “Today, we are...