Thursday, July 24th18.4°C
22715
21901

EU to soften fuel quality rules, opening door to Canadian crude: Financial Times

The federal government is saying little on a report that the European Union is poised to soften fuel quality rules so products made from Canada's oilsands would not face hefty penalties.

The Financial Times is reporting that EU officials have decided to change a draft of a fuel quality directive, something Canadian officials have lobbied their European counterparts to do.

Proposed EU environmental legislation would have set heavy penalties on petroleum products made from Alberta's oilsands, citing higher carbon emissions associated with its production.

A story on the Financial Times website quotes EU parliamentarian Chris Davies as saying EU climate action commissioner Connie Hedegaard was outvoted by industrial and trade officials on the commission.

The Times said Hedegaard wouldn't comment.

A spokesman for Natural Resources Minister Greg Rickford says he is aware of the media reports, but adds the EU parliament must sign off on the rules so Canada will have to await the outcome.

There has been speculation in Ottawa that the crisis between Russia and Ukraine may have helped Canada's cause.

Wariness over depending on Russian energy exports has prompted some European countries to look for other sources of oil and gas.

Prime Minister Stephen Harper has suggested that Europe should look to Canada for some of its energy.

It's not clear how Canada could immediately capitalize on European jitters about energy as there is no easy way to export Canadian oil products across the Atlantic.

Calgary-based TransCanada Corp. (TSX:TRP) has proposed building a pipeline to ship Alberta crude to the east coast, but that has not received approval from all the governments involved.

The Financial Times story said the fuel quality directive is likely to be made public next month in advance of going to EU members for approval.

The Canadian Press


Read more Business News

22447


Recent Trending




Today's Market
S&P TSX15394.45+0.07
S&P CDNX1011.65-0.58
DJIA17083.80-2.83
Nasdaq4472.107-1.59
S&P 5001987.98+0.97
CDN Dollar0.9308+0.0001
Gold1297.50-7.00
Oil104.30-0.29
Lumber326.00+0.20
Natural Gas3.844-0.003

 
Okanagan Companies
Pacific Safety0.200.00
Knighthawk0.01-0.005
QHR Technologies Inc1.17+0.02
Cantex0.08+0.02
Anavex Life Sciences0.28-0.045
Metalex Ventures0.08+0.01
Russel Metals35.57-0.08
Copper Mountain Mining2.82+0.06
Colorado Resources0.205-0.01
ReliaBrand Inc0.10+0.019
Sunrise Resources Ltd0.025-0.005
Mission Ready Services0.19+0.01

 



21411

FEATURED Property
20103005165 pADA
10084744 bedrooms
$1,199,999
more details
image2image2image2
Click here to feature your property
Please wait... loading


Geopolitical tensions rattle markets

The Big Picture Geopolitical tensions rattle markets The spectre of rising geopolitical tensions in Ukraine and Gaza cast a shadow over an otherwise positive week in the markets. News that a passenger...


Labour shortage in BC

The mainstream media are finally waking up to something unusual in British Columbia – a labour shortage. If the experience of Alberta is a guide to our own future, the highly skilled labour will...


Learn to delegate effectively

Photo: ContributedI have the pleasure of witnessing people delegate tasks quite often. Sometimes with tremendous success and sometimes with disastrous consequences. I have chaired a lot of committees...

_








Member of BC Press Council


22097