Industry
Energy
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Precision Drilling to buy Trinidad Drilling in friendly deal valued at $1 billion
CALGARY – Two of Canada’s largest oil and gas drillers have agreed to combine in a deal worth about $1.03 billion, positioning them to have the third-largest contract drilling fleet in the United States. Under the friendly deal reached by…
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Mercer International buying Canadian kraft pulp mills for $465 million
TORONTO – Mercer International Inc. has signed a deal to acquire Daishowa-Marubeni International Ltd., which owns a bleached kraft pulp mill in Peace River, Alta., and a 50 per cent stake in a joint venture which operates a bleached kraft…
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Aecon Group Inc. selling contract mining business for $199.1 million
TORONTO – Aecon Group Inc. has signed a deal to sell its contract mining business to North American Construction Group Inc. for $199.1 million in cash. The contract mining business provides overburden removal and environmental reclamation services, primarily in the…
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Audit finds boosters of Muskrat Falls megaproject ‘understated’ its costs
An audit has found Newfoundland’s Nalcor Energy may have overstated the potential value of its Muskrat Falls hydro megaproject – and prematurely dismissed alternative electricity options for the province. Accountants from Grant Thornton testified Friday at the inquiry into cost…
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Teck Resources takes $20.6B Frontier oilsands mine project to joint hearing
FORT MCMURRAY – In a sign that the oilsands mining industry can’t be counted out just yet, public hearings into the proposed $20.6-billion Frontier Oil Sands Mine project begin in Fort McMurray, Alta., today. International oil companies are cutting their…
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Acid shipments halted in B.C. city while series of leaks is investigated
Municipal officials in southeastern British Columbia say they have been assured that the company which moves sulphuric acid through a West Kootenay city won’t resume shipping until a thorough engineering investigation wraps up. A post on the City of Trail…
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Environmentalists ask U.S. regulators to reconsider Enbridge pipeline project
Environmental and Indigenous groups asked Minnesota regulators on Tuesday to reconsider their approval of Enbridge Energy’s plans to replace its aging Line 3 crude oil pipeline across northern Minnesota. The groups, including the Sierra Club, Youth Climate Intervenors, Friends of…
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Gas explosions rare, but danger always present, Canadian experts say
Montreal – A chain gas explosion similar to the one that tore through three Boston suburbs could happen in Canada, although such a possibility is unlikely, energy experts said Friday. The multiple explosions that caused more than 20 fires and…
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Cape Sharp Tidal turbine in Bay of Fundy being monitored remotely: Emera
HALIFAX – The Cape Sharp Tidal turbine spinning in the Bay of Fundy is now being remotely monitored, more than a month after the project was suspended when Paris-based Naval Energies pulled its funding. A former project partner, Halifax-based Emera…
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Chinese firm Weichai Power to acquire stake in Ballard Power Systems
VANCOUVER – Fuel cell company Ballard Power Systems Inc. is set to receive a cash injection of more than $175 million in what it calls a “transformative strategic collaboration” with a Chinese automotive and equipment manufacturer. Weichai Power has signed…
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Canadian Natural Resources acquires Joslyn oilsands project for $225 million
CALGARY – Canadian Natural Resources Ltd. has signed a deal to buy the Joslyn oilsands project for $225 million from Total SA and its partners. Paris-based Total, which is Joslyn’s operator, currently owns 38.25 per cent of the project, which…
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Imperial Oil vows to employ oilsands technology to cut GHG intensity by 10 per cent
CALGARY – Imperial Oil Ltd. is pledging to cut its oilsands greenhouse gas emissions per barrel by 10 per cent over the next five years as it ramps up production and works to get in line with increasingly stringent environmental…
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North American markets slide as metals take a hit amid trade angst
North American stock markets slipped slightly lower Thursday as metals took a hit amid trade uncertainty and the U.S. and China imposed tariffs on each other’s goods. Markets have been volatile but have traded in the summer on headlines, said…
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Imperial Oil CEO says proposed Syncrude partner deals must “make sense” for all
Calgary – Negotiations on commercial deals to improve reliability at the problem-plagued Syncrude oilsands mine and upgrader need to “make sense for all parties,” the CEO of its second-largest owner said on a conference call Friday. Rich Kruger of Imperial…
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No more retrofits for carbon capture and storage at Boundary Dam: SaskPower
Regina – SaskPower says there will be no further retrofits to allow for carbon capture and storage at a dam site in southeastern Saskatchewan. The technology was introduced with much fanfare for $1.5 billion at the Boundary Dam power plant…
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Canada Invests in Cleantech to Transform Quebec Pulp Mill
Windsor, QC – As Canada transitions to a low-carbon future, investments in clean technology are building a stronger economy and creating new middle-class jobs. The Honourable Marie-Claude Bibeau, Minister of International Development, on behalf of the Honourable Jim Carr, Canada’s…
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Enbridge announces sale of Canadian natural gas gathering & processing businesses
Calgary – Enbridge Inc. announced that it has entered into definitive agreements to sell its Canadian natural gas gathering and processing business in the Montney, Peace River Arch, Horn River and Liard basins in British Columbia and Alberta (the “G&P…
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ABB completes acquisition of GE Industrial Solutions
ABB announced it has completed its acquisition of GE Industrial Solutions (GEIS), GE’s global electrification solutions business on June 30, 2018. The transaction was announced on September 25, 2017, and is expected to be accretive to operational EPS in the…
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Hydro Ottawa releases 2017 Annual Report
Ottawa – Hydro Ottawa Holding Inc. has released its 2017 Annual Report, which showcases the company’s strong performance and celebrates the completion of its Chaudière Falls expansion project. Board Chair, Jim Durrell, ICD.D, and President and Chief Executive Officer, Bryce…
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GHG initiative challenges industry to reduce emissions at Global Energy Summit in Toronto
Toronto – Armstrong Fluid Technology has announced an initiative to reduce Greenhouse Gas (GHG) emissions by 2 million tons by the year 2022 and issued a challenge to industry participants to set similarly aggressive targets for the same four-year time…
