Alberta Premier Jason Kenney admits to funding Keystone because he distrusts Trudeau
Alberta Premier Jason Kenney says he invested US$1.1-billion of taxpayer funds to purchase a stake in the Keystone pipeline expansion project because he does not believe Prime Minister Justin Trudeau will follow through with the completion of the Trans Mountain project.
Kenney has held the position that Ottawa has the intention of destroying Canada’s oil and gas sector for a long time, but this is the first time he has attributed the province’s investment in Keystone to his belief that Trudeau will not see the TMX project completed.
“I was not prepared to put all of our eggs in the basket of the Justin Trudeau-owned pipeline,” the premier told Cory Morgan, a conservative blogger and podcaster. Kenney said the decision to invest into Keystone “was an essential hedge against that political risk.”
“Justin Trudeau owns and controls the Trans Mountain pipeline. We need to have some kind of leverage to ensure that they enforce the rule of law when the war of the woods starts of TMX,” Kenney said, referring to protests that have thrown a wrench in the pipeline’s construction in the past. The Globe and Mail has more.
Iran has increased its stockpile of low-enriched uranium far beyond what is outlined in the nuclear deal it signed under the Joint Comprehensive Plan of Action (JCPOA) in 2015, the U.N.’s atomic watchdog agency reported on Wednesday.
Under the JCPOA, Iran is limited to a low-enriched uranium stockpile of 202.8 kilograms (447 pounds), but as of Nov. 2, Iran has a stockpile of 2,443.9 kilograms (5,385.7 pounds), according to a confidential document from the International Atomic Energy Agency. On Aug. 25, the report says that the country’s stockpile was sitting at 2,105.4 kilograms (4,641.6 pounds).
According to IAEA findings, Iran has also been enriching uranium by up to 4.5 per cent higher than the 3.67 per cent limit that is allowed under JCPOA.
“A full and prompt explanation from Iran… is needed,” the IAEA wrote this week, after finding Iran’s response to a series of questions last month “unsatisfactory.” The Associated Press has more.
Meanwhile, long-awaited key permits for Enbridge Inc.’s Line 3 crude pipeline replacement project were approved by Minnesota regulators yesterday.
The 401 Water Quality Certification, which has been contested for some time, was approved by the Minnesota Pollution Control Agency (MPCA), and the final eight permits for the project were finalized by the Minnesota Department of Natural Resources, according to Reuters.
On Friday morning at 8:33 a.m., West Texas Intermediate saw a slight drop of 0.97 per cent or US$0.40 and was trading at US$40.70. Brent Crude had fallen slightly by 0.80 per cent or US$0.35 and was going for US$43.18.
The Canada Energy Regulator (CER) released details yesterday of a $40,000 Administrative Monetary Penalty (AMP) that was issued to Westcoast Energy Inc. after a pipeline rupture in 2018.
Westcoast Energy Inc., a subsidiary of Enbridge Inc., was issued a $40,000 AMP after failing to properly conduct an in-line inspection of its 36 inch natural gas transmission line, although it is required by its integrity management program.
Findings from a report published by the Transportation Safety Board on March 4, 2020 found that the rupture of the pipeline originated from stress corrosion cracks on the outside portion of the line. CER found that a proper inspection could have detected stress corrosion cracking in the line, and the rupture could have been avoided. Cision has more.
In other news, Calfrac Well Services Ltd. has decided to cut its capital budget for 2020 to $40 million, from $55 million, after reporting a $50-million loss in its third-quarter, writes The Canadian Press.
Canadian Crude Index was trading at US$29.29 and Western Canadian Select was going for US$31.17 this morning at 8:33 a.m.