May 19, 2020

Suncor Energy says its crude expansions are on hold until progress is made on pipelines

Enbridge
Keystone XL
Oil
Suncor
baddey dey`
2 min
Suncor Energy says its crude expansions are on hold until progress is made on pipelines
Suncor Energy’s CEO, Steve Williams, has announced that additional crude production expansions will not be considered until there is more clarity on when new pipelines will be ready
 
The energy giant is one of Canada’s largest oil producers.
 
Kinder Morgan Canada recently sold the Trans Mountain pipeline to the government following an overturned approval for the project’s expansion.
 
TransCanada Corp’s Keystone XL, running from Alberta to refineries in Illinois and Texas, is also the subject of delays and uncertainty.

The US State Department has been ordered to conduct an additional environmental review of Keystone’s proposed pathway now that the route has been modified.
 
Despite these delays, Mr Williams told a Barclays investor conference in New York that Suncor has adequate pipeline space for production and that the delays will not affect the company’s output in the short-term.
 
Reuters said that Suncor’s “own refineries shield it from exposure to the price discount on Canadian heavy oil”.
 
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“Suncor is currently ramping up production of its new Fort Hills mine in the Alberta oil sands and is due to decide in late 2019 and early 2020 whether to expand production at existing facilities”, Reuters added.
 
Meanwhile, Enbridge’s Line 3 Replacement Program is fully underway.
 
Enbridge recently reached an agreement with vocal opponents in the Fond du Lac Band of Lake Superior Chippewa, allowing it to build the replacement line through the band’s reservation in northeast Minnesota.
 
According to Minnesota Public Radio, “Enbridge will replace the existing, degraded Line 3 pipeline with a new line that will be able to carry nearly twice as much Canadian oil across northern Minnesota”.

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Jun 10, 2021

G7 Summit guide: What it is and what leaders hope to achieve

G7
G7Summit
Sustainability
EU
3 min
Business Chief delves into what the G7 is and represents and what its 2021 summit hopes to achieve

Unless you’ve had your head buried in the sand, you’ll have seen the term ‘G7’ plastered all over the Internet this week. We’re going to give you the skinny on exactly what the G7 is and what its purpose on this planet is ─ and whether it’s a good or a bad collaboration. 

 

Who are the G7?

The Group of Seven, or ‘G7’, may sound like a collective of pirate lords from a certain Disney smash-hit, but in reality, it’s a group of the world’s seven largest “advanced” economies ─ the powerhouses of the world, if you like. 

The merry band comprises:

  • Canada
  • France
  • Germany
  • Italy
  • Japan
  • The United Kingdom
  • The United States

Historically, Russia was a member of the then-called ‘G8’ but found itself excluded after their ever-so-slightly illegal takeover of Crimea back in 2014.

 

Since 1977, the European Union has also been involved in some capacity with the G7 Summit. The Union is not recognised as an official member, but gradually, as with all Europe-linked affairs, the Union has integrated itself into the conversation and is now included in all political discussions on the annual summit agenda. 

 

When was the ‘G’ formed?

Back in 1975, when the world was reeling from its very first oil shock and the subsequent financial fallout that came with it, the heads of state and government from six of the leading industrial countries had a face-to-face meeting at the Chateau de Rambouillet to discuss the global economy, its trajectory, and what they could do to address the economic turmoil that reared its ugly head throughout the 70s. 

 

Why does the G7 exist?

At this very first summit ─ the ‘G6’ summit ─, the leaders adopted a 15-point communiqué, the Declaration of Rambouillet, and agreed to continuously meet once a year moving forward to address the problems of the day, with a rotating Presidency. One year later, Canada was welcomed into the fold, and the ‘G6’ became seven and has remained so ever since ─ Russia’s inclusion and exclusion not counted. 

 

The group, as previously mentioned, was born in the looming shadow of a financial crisis, but its purpose is more significant than just economics. When leaders from the group meet, they discuss and exchange ideas on a broad range of issues, including injustice around the world, geopolitical matters, security, and sustainability. 

 

It’s worth noting that, while the G7 may be made up of mighty nations, the bloc is an informal one. So, although it is considered an important annual event, declarations made during the summit are not legally binding. That said, they are still very influential and worth taking note of because it indicates the ambitions and outlines the initiatives of these particularly prominent leading nations. 

 

Where is the 2021 G7 summit?

This year, the summit will be held in the United Kingdom deep in the southwest of England, with Prime Minister Boris Johnson hosting his contemporaries in the quaint Cornish resort of Carbis Bay near St Ives in Cornwall. 
 

What will be discussed this year? 

After almost two years of remote communication, this will be the first in-person G7 summit since the novel Coronavirus first took hold of the globe, and Britain wants “leaders to seize the opportunity to build back better from coronavirus, uniting to make the future fairer, greener, and more prosperous.”

 

The three-day summit, running from Friday to Sunday, will see the seven leaders discussing a whole host of shared challenges, ranging from the pandemic and vaccine development and distribution to the ongoing global fight against climate change through the implementation of sustainable norms and values. 

 

According to the UK government, the attendees will also be taking a look at “ensuring that people everywhere can benefit from open trade, technological change, and scientific discovery.” 

 

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