Alberta suffers loss on crude-by-rail contracts
Canadian province reverses policy after financial burden begins to mount
The Alberta government has finally done away with crude-by-rail contracts signed by the previous government, as promised by premier Jason Kenney on the election trail last spring. But the province has had to accept a large financial loss to encourage private companies to take them on. Alberta’s former leader Rachel Notley had claimed the contracts with Canadian National (CN) and Canadian Pacific (CP)—Canada’s two major railways—would make a substantial profit for the province when she had the Alberta Petroleum Marketing Commission (APMC) sign them in mid-February of last year. This was shortly before she called an election for mid-April and almost six months after a Canadian court quashed t
Also in this section
16 May 2024
Flat oil growth in 2024 highlights mounting industry problems
15 May 2024
Five years ago, Uzbekistan turned to a private company called Saneg to reverse the fortunes of its oil industry. Results so far are encouraging, and according to CEO Tulkin Yusupov, further progress is on the way
13 May 2024
But optimism about island nation checked by competition around African upstream investment and history of false dawns
9 May 2024
Pipeline boosts Canada’s oil industry by widening its export options, making it less reliant on US market and bringing Asia into the mix