Canada Canada invites Chinese investment in oil sands: minister

00:25  09 june  2017
00:25  09 june  2017 Source:   Reuters

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By Nia Williams. CALGARY, Alberta, June 8 (Reuters) - The Canadian government is inviting Chinese investment in its oil sands sector, Canada Natural Resources Minister Jim Carr said on Thursday, following a torrid six months in which .5 billion in foreign capital fled the embattled sector.

(New throughout, adds analyst comment, details on Chinese investment ) By Nia WilliamsCALGARY, Alberta, June 8 (Reuters) - The Canadian government is inviting Chinese investment in its oil sands sector, Canada Natural Resources Minister Keywords: CANADA CHINA / OILSANDS (UPDATE 1).

Canada's Natural Resources Minister Carr takes part in a news conference in Ottawa. © REUTERS/Chris Wattie Canada's Natural Resources Minister Carr takes part in a news conference in Ottawa.

The Canadian government is inviting Chinese investment in its oil sands sector, Canada Natural Resources Minister Jim Carr said on Thursday, following a torrid six months in which $22.5 billion in foreign capital fled the embattled sector.

The vast oil sands deposits in northern Alberta are home to the world's third-largest crude reserves but also carry some of the world's highest production costs. With oil prices around $50 a barrel, it makes no economic sense to build new projects.

International oil companies including Royal Dutch Shell and ConocoPhillips have sold off billions in assets to Canadian producers since the start of 2017, stoking concerns about the future of the resource.

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  Canada producer prices up for eighth consecutive month in April Canadian producer prices rose for the eighth month in a row in April due to higher costs for energy and petroleum products, data from Statistics Canada showed on Tuesday. © REUTERS/Todd Korol The Suncor tar sands processing plant near the Athabasca River at their mining operations near Fort McMurray. Prices were up 0.6 percent, with prices higher in 14 out of the 21 major commodity groups. Compared to a year ago, prices were up 6.3 percent, the largest annual increase since October 2011.Prices for energy and petroleum products rose 2.9 percent in April on a monthly basis, led by a 5.

By Nia Williams. CALGARY, Alberta, June 8 (Reuters) - Canada believes there are opportunities for Chinese investment in the Alberta oil sands , Canadian Natural Resources Minister Jim Carr said on Thursday, adding the government would welcome investment in the sector from any nation.

CALGARY, Alberta (Reuters) - Canada believes there are opportunities for Chinese investment in the Alberta oil sands , Canadian Natural Resources Minister Jim Carr said on Thursday, adding the government would welcome investment in the sector from any nation.

Speaking on the fourth day of a five-day trip to China, Carr said the government's "minds are open" with regard to Chinese investment.

"We think there are opportunities and we laid out, along with experts from industry, what we believe to be opportunities for them," Carr told reporters on a conference call.

"We would welcome investment from any nation that's interested in the oil sands. The trend of capital flows over the last little while has been international investors have been looking at their opportunities and decided to spread their resources, whereas Canadian investors have stepped up."

The previous Canadian government under Conservative Stephen Harper had a policy of limiting control of the oil sands by state-owned companies, such as China's CNOOC Ltd . They are still able to hold minority stakes in projects.

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CALGARY, Alberta (Reuters) - Canada believes there are opportunities for Chinese investment in the Alberta oil sands , Canadian Natural Resources Minister Jim Carr said on Thursday, adding the government would welcome investment in the sector from any nation.

CALGARY, Alberta, June 8 (Reuters) - The Canadian government is inviting Chinese investment in its oil sands sector, Canada Natural Resources Minister Jim Carr said on Thursday, following a torrid six months in which .5 billion in foreign capital fled the embattled sector.

Carr did not give details on what sort of investment Canada would welcome from China, but said his government is interested in looking at cases individually.

Between 2005 and 2012 Chinese companies like PetroChina, CNOOC and Sinopec piled into the booming oil sands sector to secure China's energy needs.

But some of those investments, like CNOOC's purchase of Nexen Energy, have been dogged with operational issues, raising questions over whether the Chinese would be reluctant to buy more oil sands stakes.

"It's probably a question not of investing, but whether or not they sell," said GMP FirstEnergy analyst Michael Dunn. "Non-Canadian entities have been selling the oil sands, why would the Chinese be different?"

Last July Nexen indefinitely suspended plans to repair its Long Lake upgrader in northern Alberta after a deadly blast at the facility months earlier, leaving the fate of the facility in limbo.

(Reporting by Nia Williams; Editing by Bernard Orr and David Gregorio)

Canadian oil hike puts Trudeau climate action in doubt .
Oil companies said Tuesday they planned to ramp up their output in Canada, throwing a wrench in Prime Minister Justin Trudeau's efforts to slash greenhouse gas emissions. Currently the world's sixth largest oil producer, Canada expects to hike production by 32 percent to 5.1 million barrels per day by 2030, according to the Canadian Association of Petroleum Producers.The additional output will come entirely from the Alberta oil sands.Trudeau was criticized by the energy sector this year for suggesting a need to "phase out" oil sands production, which is Canada's top single source of CO2 and its fasting growing.

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