The Briefing Room
General Category => Economy/Business => Topic started by: Wingnut on January 28, 2021, 02:25:04 pm
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Why would Biden work to stop the Keystone pipeline that would move Canadian crude oil to US refineries in the least dangerous and most inexpensive way?
Here is why. China owns JoBama.
WINNIPEG, Manitoba (Reuters) - China’s Sinopec Corp has joined a group planning to build an oil refinery in Alberta, an enterprise that would strengthen demand for the Canadian province’s heavily discounted crude.
State-owned Sinopec, formally known as China Petroleum & Chemical Corp 600028.SS, along with an Alberta indigenous group, China State Construction Engineering Corp 601668.SS and Alberta management company Teedrum, plan to build a refinery to process 167,000 barrels per day of crude into gasoline and other products, the project's consulting firm Stantec Inc STN.TO said in a statement on Thursday.
The SinoCan Global refinery would cost C$8.5 billion, with a financing plan still to be worked out, said Teedrum President Ken Horn, who is leading the effort. Ownership has not been determined.
The group hopes to receive regulatory approval from the Alberta and Canadian governments within two years, he said in an interview on Friday. Most of the refined products will be exported.
https://www.reuters.com/article/us-canada-refinery-sinopec-idUSKCN1LU2CU?fbclid=IwAR3YRqGqKI0mlcKtspegToDLrHC_XV45nn4z8HSGU1T6-LLFQvUZ190B7-U (https://www.reuters.com/article/us-canada-refinery-sinopec-idUSKCN1LU2CU?fbclid=IwAR3YRqGqKI0mlcKtspegToDLrHC_XV45nn4z8HSGU1T6-LLFQvUZ190B7-U)
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Wow...
Smoke hasn't even settled on the Keystone XL decision disaster, and Chicom vultures are already stripping the bones off our vision of energy independence. We had our chance with the Canucks, now the hydrocarbon will be going to the highest bidder.
OTOH, I am sure plenty of those barges of Chicom gasoline will be heading our direction in the next energy crisis 5-10 years from now /s
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CNOOC International has a diverse portfolio in Canada
https://cnoocinternational.com/operations/americas/canada
CNOOC International has assets in oil sands, shale gas and offshore in Canada.
Our oil sands business is a key part of CNOOC International’s global portfolio. Our Long Lake facility, located in northern Alberta just south of Fort McMurray, is a SAGD operation with production capacity of 72,000 barrels of bitumen a day. We also have interest in several other oil sands projects including Hangingstone, operated by Japan Canada Oil Sands (JACOS), Syncrude’s oil sands mining upgrading facility and shares in MEG Energy.
In addition to our oil sands business we have shale gas land in Northeast British Columbia, where we produce from our Dilly Creek facility, a power station in Balzac, Alberta, and interest in a wind farm in southern Alberta.
CNOOC International also acquired 100% working interest in two exploration licenses in Atlantic Canada, offshore Newfoundland and Labrador, where we plan to progress to drilling once planning is complete and regulatory approval is received.
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WINNIPEG, Manitoba (Reuters) - China’s Sinopec Corp has joined a group planning to build an oil refinery in Alberta, an enterprise that would strengthen demand for the Canadian province’s heavily discounted crude.
The reason Alberta crude is discounted is because their customer list is very limited. With the US as the sole buyer, we get to set the price since there is practically no competition. But with a new refinery now competing for that oil along with gasoline pipelines already in place, expect the price of Alberta crude to rise which will drive up the cost of gasoline for all Americans.
Thanks again, Democrats. It seems that every time Biden is faced with a decision, he choses the path that hurts America more.