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11-010-XIB |
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Economic Events in April CanadaShell announced a $4 billion plan to double tar sands output, while Chevron revived its Hebron-Ben Nevis project off Newfoundland’s coast. Husky will invest $10 billion for a new oil sands development, matching the investments announced last month in the Horizon and Voyageur projects. CN announced a $125 million investment in rail cars in anticipation of Prince Rupert, BC opening a container port by 2007. CPR revealed plans to spend $160 million to expand its western rail network to reduce congestion at the Port of Vancouver. The port itself will start a $1 billion expansion in the fall to triple terminal capacity. Ontario announced plans for three gas-fired generators at a cost of over $2 billion. Saskatchewan created a 10-year tax holiday from base payments on expansions of potash mines over a certain size and a capital investment incentive, triggering almost $425 million in expansion projects. Alberta tabled its first debt-free budget in 18 years, with a projected $1.5 billion surplus and a 6% increase in spending, primarily on health, education and infrastructure. Air Canada ordered 32 new Boeing aircraft worth up to $6 billion. WorldChina bought a one-sixth share in Calgary-based MEG Energy for $150 million and made a preliminary deal with Enbridge to take up to half of the 400,000 barrels a day of tar sands oil from the proposed $2.5 billion Gateway pipeline from Alberta to the West Coast. |
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