Section 2: Economic events
Archived Content
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Canada
EnCana and PetroChina ended their $5.4 billion joint venture to develop the Cutbank Ridge shale gas field in northern BC.
Alberta, the federal government and Shell signed a $1.4 billion deal in which Shell will pump underground a million tonnes a year of liquefied carbon dioxide from oilsands operations at its Scotford upgrader. The province will fund $745 million, with the federal government investing $120 million.
Toyota announced that eight of its twelve North American plants resumed full production on June 6, and the remainder will resume full production in September, two months ahead of the schedule to recover from the tsunami disaster in Japan in March.
Under the terms of federal legislation, Canada Post ended a two-week lockout and 48,000 striking postal workers returned to work at month end.
World
The International Energy Agency and the US jointly announced the decision to sell 60 million barrels of crude oil over the next month.
Greece approved a four-year austerity plan as a condition for a second bailout in thirteen months by the EU and IMF.
Severe drought in northern Europe has affected crops, shipping and hydro-electric energy as the Danube's volume of water dropped to a hundred-year low.
The EU and South Korea will enter into a free trade agreement July 1 which will eliminate 98.7% of duties within five years.
Ford announced a joint venture with Russian automaker Sollers to build and sell autos in Russia and $1.4 billion in financing from Vnesheconombank, the Russian development bank.
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