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Economic events in July CanadaThe GST was cut to 6% from 7% effective July 1. Shell expects to expand its in-situ oilsands by more than seven-fold to 50,000 barrels per day over the next two years as a result of its BlackRock Ventures acquisition. Connacher Oil and Gas received approval from the Alberta government for its Great Divide oilsands project. EnCana announced it is moving ahead with a $660 million (US) expansion of its Foster Creek oil sands project to more than double output to 120,000 barrels a day by 2009. EnCana also announced the revival of its Deep Panuke natural gas project off the coast of Nova Scotia. South Korea’s national energy company bought full control of Newmont’s Black Gold oilsand leases containing an estimated 250 million barrels of crude oil. Pacific Northern Gas and Kitimat LNG signed a partnership deal to build a $1.2 billion natural gas pipeline in northern BC to be in service by 2009. Enbridge has proposed a $3.6 billion (US) pipeline to transport oilsands crude to the US Gulf Coast. Production at Husky Energy’s White Rose facility off the coast of Newfoundland expanded to 110,000 barrels a day, boosted by a fifth drilled well. Tembec announced temporary shutdowns of sawmills in Ontario and Quebec for up to 4 weeks affecting 1,500 workers. Manitoba-based New Flyer announced another major bus order worth $182 million (US), the third $100 million-plus order since April. Auto-parts maker Toyota Boshoku announced it will build a $65 million plant in Woodstock to supply parts to Toyota’s $1.1 billion assembly plant currently under construction. WorldThe Bank of Japan raised interest rates for the first time in almost six years, increasing its overnight rate between banks to 0.25% from almost zero. Japan lifted its 2003 ban on beef imports from the US. Prior to the ban, Japan had been the largest importer of US beef worth $1.4 billion (US) in 2003. China’s central bank raised the reserve rate for banks by half a percentage point to 8.5% to dampen credit demand. |
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