WEB - Van People - Vancouver, 05/05/2020 - ARTICLE, Chinese
Image Source: Van People website
Summary Translation: Canadian Business Circle - Canadian-based company Irving Oil has said that it will accept more crude oil from western Canada starting this summer, and will transport it through the Panama Canal to the oil refinery in New Brunswick. Irving Oil, established in New Brunswick in 1924, is the largest refinery operator in Canada, and its refinery in Saint John, NB, is Canada ’s largest refinery, which can extract 320,000 barrels of oil per day. The Irving Oil refinery last month applied to the Canadian Transport Agency (CTA) for the use of foreign tankers to increase the transport of domestic crude oil from Newfoundland and Western Canada. Last Friday, company officials confirmed that the application has been approved by the regulatory authorities and are currently reviewing the details of the federal procedures. Alberta Energy Minister Sonya Savage said on Friday that she was pleased that Irving Oil would start using more crude oil from Western Canada, but unfortunately Irving Oil was forced to use a complicated offshore route to transport crude oil. The proposed Energy East Pipeline will provide a safe and fast route. The Energy East Pipeline is a 4,500-kilometer oil pipeline that can deliver 1.1 million barrels of crude oil every day from Alberta and Saskatoon to the refineries in eastern Canada.
What risks do Alberta taxpayers bear from the provincial government’s pipeline investment? - Cantonese
RADIO - Fairchild Radio FM 94.7 Focus - Calgary, 20/04/2020 - COMMENTARY, Cantonese
Translated Summary: Forest and Teddy - Both the Alberta and federal governments believe the project will provide material benefits to both the province’s government revenues and the wider Canadian economy. In addition, TC Energy plans to purchase the provincial government’s equity once the project is complete. As long as the pipeline generates revenue for the provincial government, then the government will be at low risk. However, Alberta’s energy sector is also contingent on the political climate in the US. Currently, the US Republicans' policies resonate most closely with Alberta’s vision for the energy sector. But with calls for more environmental protection, energy sector policies will be further impacted. For example, more consultation with Indigenous communities will be required before a project gets approved. Forest said the Alberta government wanted to take this opportunity to demonstrate leadership by making an investment and boost investors’ confidence in the oil and gas industry. They want to show that Alberta is fully in support of the development of the energy sector. Teddy said if the Alberta government didn’t make an investment, it is unlikely the pipeline construction would begin. Forest pointed out that the current bill C-48 and C-69 will also impact the energy sector. Both hosts agree that the long-term concern is the oil price. Newfoundland attempted to invest in their own energy sector once but overestimated the return on investment. Consequently, the province was not even close to reaching their projected goal. Forest said the provincial government should be held responsible for making an unrealistic projection. Lastly, the international market also has a significant impact on North American oil prices. It is evident that Saudi Arabia's and Russia’s oil price war has impacted North American oil prices. The hosts said we will have to wait until after the summer to see how long-lasting the international impacts will be on the oil and gas industry.