After Quebec Premier Jean Charest publicly decried the oilsands projects last year in Copenhagen, the Quebec government is now asking entrepreneurs in the province to participate in a commercial mission in Edmonton to set up some business relationships with Alberta’s oil industry.
In a message destined to entrepreneurs from Quebec, the Ministry of Economic Development said “that the resumption of the oil sands development projects in Alberta” provides us with “some good business opportunities."
The ministry goes on to provide a list of the projects for which Quebec companies could become suppliers such as Suncor and Husky.
Well, Quebec better act fast because the Chinese are very interested in the oil sands, and businesses do not really care who invests the money. Another interesting development lately has been "green" investors who are wanting oil companies to prove their projects are green, in an attempt to delay development. Why would eco-nuts buy shares in dirty profit motivated oil companies, then protest what they are doing? Power. Lawsuits are all the rage with them as well, but as their government money starts to dry up, expect their lawsuits to dry up as well. Lawyers are expensive.
Here is an interesting development that should have Ontario and Quebec sitting up taking notice.
China's clout draws oil sands IPO
CALGARY -- China's growing influence on Canada's oil and gas sector is about to show up in a new way as an oil-sands company prepares to go public in Hong Kong, rather than on Bay Street. The move breaks from the pattern domestic energy companies and their bankers have long followed, and could have lasting implications for the Toronto Stock Exchange.
Sunshine Oilsands Ltd., which snapped up more than a million acres of oil-sands leases between May 2007 and October 2008, is ready to launch a steam-assisted gravity-drainage pilot project. The Calgary company is looking to raise hundreds of millions of dollars on Hong Kong's stock exchange, a first for a Canadian energy company that highlights just how anxious Asian investors are to grab a slice of the oil sands.
Ever notice how the TSX seems to be tied into the price of oil and gas? When the price of oil is going up, so does the TSX, oil down, TSX down. Now that is a very simple explanation, but the energy sector is a large part of the TSX, and that appears to be about to change, not to the good of Bay Street.
Imagine that, after being vilified and sued by enviros, energy companies are going to Hong Kong to raise funds. What are the chances that Chinese companies are going to go to a board meeting and demand that their investment should be "greener"? Right.
I wonder, when Sunshine Oilsands wants some special equipment developed, where are they going to go, to Ontario with their high priced union shops, or to China, who invested in their company, and can provide what they need for much lower costs?
The most interesting and hilarious result of this initiative is that the enviros can't say a thing against it. They are the ones who consider China a developing nation and cry that we should not restrict their development. It just so happens that through investment, they will be developing the oil sands. So, keep on slamming the oil sands, they are not going anywhere, and if Canadians don't want to invest in them, China and India will. Now, about that pipeline through northern BC to get our product to Asian markets, think BC will stop it or join in the profitable game?
5 comments:
If they are so concerned with "dirty oil", they should stop taking the "dirty money" that pays for so much of their provincial budget.
Another great post. Money will flow to jurisdictions with the least regulation.
Provinces are responsible for their own resources and Quebec is our Greece.
They have benefitted from Churchill Falls for decades at the expense of NFLD.
It is time for them to clean up their own backyard raw sewage, deficits, programs they can't afford.
2008 Bloc capture 65% of the seats with 38.1% popular vote. That means 62% are of the voters did not choose the separtist option.
China increased foreign interest in our oil will help CPC in ridings. Kenny mentioned the Chinese in Vancouver has shifted to CPC. Same with other groups, liberals used to have them locked up. (Michael Coren interview).
Anatomy of Liberal defeat talked about visible minorites leaving the Liberals.
Chinese community will reward positive relationship with their country of origin at the polls for S.H.
Look for CNRail to start pumping money into trackage from Edmonton to Rupert, both to upgrade and to ally their poor reputation! Moving oil by rail will be a winner. Pipelines are very expensive to do and will have to transit many sensitive areas - First Nations lands in BC. The rail is already there.
Watch for the Americans to realize that "drill baby drill" offshote is likely to run into road blocks re spill in the Gulf. They will want to get into the sands and expand their current possitions but there may not be the opportunity - they will suddenly scrap the word "dirty"
Great blog post Hunter
You got it. Don't expect anyone to listen though. They have it all boxed up. They read half of Rubin's book and they are smarter than all the oil people now.
With all the talk re the oil spill and trying to collect and burn the oil, we have been using the wrong words and explanations re our oil sands. That oil was spilled by mother nature and we are just trying to recover it to save the rivers and oceans. That picture of the oil spreading out in the water reminds me of the pic Hunter had of our undeveloped oil sands. All that oil seeping on top of the ground.
The fact Alberta and oil companies make money is beside the point.
Aren't those workers trying to clean up the spill in Mexico waters making money also.
And did anyone see the story at Drudge re algores new mansion and enviro friendly villa. Probably bought with the carbon credits he sold.
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