Canadians — Albertans, at least — had extra reason to celebrate the Victoria Day long weekend despite the rainy weather.That’s because the Dubai Angel quietly moored at Tran Mountain’s Westridge marine terminal in Burnaby on Monday to begin taking the first 550,000 barrels of Calgary-based Suncor Energy’s Access Western oil sands crude for delivery to China.‘Quietly’ because there were no ribbon cuttings or formal ceremonies to greet the Marshall Islands-flagged vessel despite the fact Canadian taxpayers have sunk nearly $35 billion — $850 for ever man woman and child in the the country — and 12 years to get to this stage..In fact, there wasn’t even a mention of it on the company’s website. Nor were there any statements from the Port of Vancouver or even the company itself.Earlier this month Suncor said it is leasing the Aframax vessels in the Pacific and selling directly to customers to cut out middlemen and maximize profits. The additional 600,000 barrels per day of capacity is expected to shrink discounts for land locked barrels shipped to the US Gulf Coast on overland pipelines, thereby increasing royalty revenues for the Alberta government..On Tuesday, Alberta’s signature Western Canadian Select was up USD89 cents — or 1.3% — to $67.69 a barrel even as global benchmarks West Texas Intermediate (WTI) and European Brent fell by a similar amount. According to Chicago-based Zack’s Investment Research, Trans Mountain is “{a pivotal development for Canada’s oil industry.” “It enhances the country’s ability to compete globally by securing new markets and optimizing the value of its natural resources. As the industry continues to evolve, the expanded pipeline stands as a testament to Canada’s commitment to maintaining its position as a leading oil producer on the world stage.”.Meanwhile, a report by the Macdonald Laurier Institute suggests the cost overruns and delays have cost Canadians about a quarter of the inherent economic value of the pipeline or nearly $11.6 billion.Still, it’s better late than never, the think tank concludes.“Imagine if that amount had gone towards funding healthcare, off-setting the expense of dealing with the COVID-19 outbreak or subsidizing the federal government’s ‘$10 a day’ national daycare program,” it said.“We have missed out on a lot, but now that the TMX is complete Canada is well-positioned to take advantage of the opportunities it provides.”
Canadians — Albertans, at least — had extra reason to celebrate the Victoria Day long weekend despite the rainy weather.That’s because the Dubai Angel quietly moored at Tran Mountain’s Westridge marine terminal in Burnaby on Monday to begin taking the first 550,000 barrels of Calgary-based Suncor Energy’s Access Western oil sands crude for delivery to China.‘Quietly’ because there were no ribbon cuttings or formal ceremonies to greet the Marshall Islands-flagged vessel despite the fact Canadian taxpayers have sunk nearly $35 billion — $850 for ever man woman and child in the the country — and 12 years to get to this stage..In fact, there wasn’t even a mention of it on the company’s website. Nor were there any statements from the Port of Vancouver or even the company itself.Earlier this month Suncor said it is leasing the Aframax vessels in the Pacific and selling directly to customers to cut out middlemen and maximize profits. The additional 600,000 barrels per day of capacity is expected to shrink discounts for land locked barrels shipped to the US Gulf Coast on overland pipelines, thereby increasing royalty revenues for the Alberta government..On Tuesday, Alberta’s signature Western Canadian Select was up USD89 cents — or 1.3% — to $67.69 a barrel even as global benchmarks West Texas Intermediate (WTI) and European Brent fell by a similar amount. According to Chicago-based Zack’s Investment Research, Trans Mountain is “{a pivotal development for Canada’s oil industry.” “It enhances the country’s ability to compete globally by securing new markets and optimizing the value of its natural resources. As the industry continues to evolve, the expanded pipeline stands as a testament to Canada’s commitment to maintaining its position as a leading oil producer on the world stage.”.Meanwhile, a report by the Macdonald Laurier Institute suggests the cost overruns and delays have cost Canadians about a quarter of the inherent economic value of the pipeline or nearly $11.6 billion.Still, it’s better late than never, the think tank concludes.“Imagine if that amount had gone towards funding healthcare, off-setting the expense of dealing with the COVID-19 outbreak or subsidizing the federal government’s ‘$10 a day’ national daycare program,” it said.“We have missed out on a lot, but now that the TMX is complete Canada is well-positioned to take advantage of the opportunities it provides.”
