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Section 2: Economic events

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Penn West Energy Trust announced a joint venture with a unit of Japan’s Mitsubishi Corp to speed up development of its BC natural gas holdings. Mitsubishi will commit $850 million to the joint venture. Enbridge will build a $370 million oil pipeline connecting Suncor’s Wood Buffalo project to its existing system.

The Columbia Trust announced a $900 million expansion of generating capacity on the Waneta Dam in BC. Hydro Quebec extended a $2 billion deal to supply electricity to Vermont for 26 years.


Russia, the world’s third largest wheat exporter, halted grain shipments from August 15 until the end of 2010 due to drought and wildfires.

The International Energy Agency estimated that oil demand was higher during the second quarter than the first quarter of 2010 for the first time ever, exceeding the peak heating season of January to March due to growth in demand from emerging economies.

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