Economics

Stalled upgrader receives approval

By Dan Healing And Dina O'Meara, Calgary Herald
January 21, 2009

Provincial energy regulators have approved plans for an Edmonton-area upgrader associated with Petro-Canada's proposed $24-billion Fort Hills integrated oilsands project--even though the company has deferred the project indefinitely.

In a news release Tuesday, the Alberta Energy Resources Conservation Board announced it had conditionally approved the plan by Petro-Canada Oil Sands Inc. to build and operate the upgrader in Sturgeon County north of Edmonton.

Suncor shelves expansion amid first loss in 16 years
Falling prices, rising costs prompt cuts

By Dan Healing, Calgary HeraldJanuary 21, 2009

Suncor Energy Inc. is "downing tools" on the $20.6-billion Voyageur expansion underway at its northern Alberta oilsands operations as it reports its first quarterly loss in 16 years, blamed on falling commodity prices, production setbacks and higher costs.

Canadian politicians/stakeholders see benefits from U.S. lock project
Posted By BOB MIHELL
Tuesday, January 13, 2009
Sault St Marie This Week

Politicians from Sault Canada, Essar Steel Algoma, and the vice-president of the Canadian Shipowners Association have reacted favourably to a proposed new super lock at Sault Michigan.

Survival is Non-Negotiable!
January 19, 2009
Are climate talks the new World Trade Organization?
by Ben Powless

The Dominion - http://www.dominionpaper.ca

Economic downturn shuts down oil pipeline proposal

By Canwest News ServiceJanuary 18, 2009

Environmental activists are relieved by the indefinite shelving of an oil pipeline proposal that they say would make Ontario too dependent on "dirty oil" from Alberta and bring it to Quebec for the first time.

However, activists with Environmental Defence and ForestEthics are concerned the project put on hold by Calgary-based Enbridge could be resurrected in the future.

BA Energy first oil sands developer to file for protection
Financial Post
Wednesday, January 14, 2009

CALGARY -- BA Energy Inc., developer of the $4-billion Heartland
Upgrader near Edmonton, Wednesday became the first oil sands company to
file for bankruptcy protection, fearing its parent company's major
lender, Credit Suisse, will recall a US$507-million loan.

Columba Yeung, chief executive of parent company Value Creation Inc.,
said that company could default on its multi-million bank loan after BA
was unable to repay it a $50-million loan. BA's failure to make good on

Oilsands 'change everything' says Ignatieff

By Tom Barrett January 15, 2009

The Alberta oilsands will allow Canada to stand up to the U.S. on everything from Arctic sovereignty to rewriting NAFTA, Liberal leader Michael Ignatieff said Wednesday.

Ignatieff told a town hall meeting in a Gastown pub that Canadians are just starting to understand "how powerful the oilsands make us."

He told an overflow audience crammed into the pub's tiny back room that he toured the project in August.

Canadian Natives Get U.S. Support

Alexandra Paul, Winnipeg Free Press

Canadian First Nations chiefs say aboriginal affairs advisers to U.S.
president-elect Barack Obama told them Thursday the new administration
will be in their corner in their push for aboriginal rights.

In a 20-minute meeting in Washington, the advisers suggested to the
assembly of chiefs from Manitoba, Saskatchewan, Alberta and the United
States that the new administration could support their push for more
control over oil and mineral resources.

Dear Friends,

The Indigenous Environmental Network and Rainforest Action Network
produced this statement in response to a lobby effort in Washington DC
tomorrow by Treaty One Chiefs of Manitoba regarding the Enbridge Alberta
Clipper and the TransCanada Keystone Project. In this communication you
will find our press statement that focuses on providing an Alberta First
Nations perspective on the issue, as well as the advisory that was sent
out by Treaty One Chiefs of Manitoba on December 31, 2008. Please
distribute this to your lists far and wide.

TransCanada offers $2 billion in debt
By Dan Healing, Calgary Herald
January 6, 2009

CALGARY - A $2-billion US debt offer launched Tuesday by TransCanada PipeLines Ltd. was lauded by energy analysts who say it will be well-received in a market that has discounted most oil and gas companies’ equity.

The funding will be earmarked by the pipeline arm of Calgary-based TransCanada Corp. to replace maturing debt facilities, pay for capital projects and fund ongoing corporate activities, said company spokesman Terry Cunha.