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Alberta

Kenney tells his radio show that word on more inflation support could come next week

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EDMONTON — Alberta Premier Jason Kenney has indicated his United Conservative government will reveal details next week about additional support to help people deal with high inflation.

Earlier this week when Finance Minister Jason Nixon announced a $3.9 billion surplus at the end of the 2021-22 fiscal year ending March 31, Nixon said one of the goals was to examine further ways to help Albertans get through the current stretch of rising prices.

The province already cut its share of the gasoline tax earlier this spring and $150 in electricity rebates will soon flow to cushion the impact of inflation.

On Saturday, while responding to a question about inflation that was put to him by a caller on his provincewide phone-in radio show on CHQR and CHED, Kenney said there will be an announcement about more support, which he believed would come this week.

He did not elaborate on what the measures might be, and a spokesman did not immediately respond when emailed for details.

Kenney told his radio audience there are several explanations for high inflation, including federal monetary policy and large federal deficits, as well as energy shortages linked to Russia’s invasion of Ukraine.

“Anyone who says there’s just one simple explanation is fibbing,” Kenney said.

“I think most of the experts hope, or project, this will start to come off next year, but we’re probably in for a few more months of high inflation.”

Kenney said he agreed with federal Conservative leadership contender Pierre Poilievre’s assertion that the Bank of Canada was fueling inflation by, as Kenney put it, “printing tens and tens of billions of dollars of new fiat currency.”

Poilievre has threatened to fire Bank of Canada governor Tiff Macklem if elected prime minister.

Alberta’s bread-and-butter oil and natural gas industries have soared in recent months as global economies ramped up while pandemic measures receded and Russia’s invasion of Ukraine disrupted worldwide energy supply.

Nixon said another plan for the windfall is to build up the province’s $18.7 billion savings nest egg – the Alberta Heritage Savings Trust Fund.

Shannon Phillips, finance critic for the Opposition NDP, said after the windfall was announced that the government is failing to deliver on promised funding for a range of public services, from education to ambulance response.

Kenney said Saturday that the surplus wouldn’t have occurred if his government hadn’t “exercised spending restraint.”

“One of the problems in modern Alberta is when we get an oil boom, we track our spending up and we spend what comes in. And then when our revenues come down, taxpayers are left holding the bag with debt,” he said.

This report by The Canadian Press was first published July 2, 2022.

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Alberta

Cenovus Energy to buy remaining stake in Toledo refinery from BP for $300 million

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CALGARY — Cenovus Energy Inc. has reached a deal with British energy giant BP to buy the remaining 50 per cent stake in the BP-Husky Toledo Refinery for $300 million.

The Calgary-based oil producer has owned the other 50 per cent of the Ohio-based refinery since its combination with Husky Energy in 2021.

Cenovus says its U.S. operating business will take over operations when the transaction closes, expected before the end of the year.

The company says the Toledo refinery recently completed a major, once in five years turnaround to improve operational reliability.

It says the transaction will give Cenovus an additional 80,000 barrels per day of downstream throughput capacity, including 45,000 barrels per day of heavy oil refining capacity.

The deal brings Cenovus’ total refining capacity to 740,000 barrels per day.

Alex Pourbaix, Cenovus president and CEO, says fully owning the Toledo refinery provides an opportunity to further integrate the company’s heavy oil production and refining capabilities, including with the nearby Lima Refinery.

“This transaction solidifies our refining footprint in the U.S. Midwest and increases our ability to capture margin throughout the value chain,” he said in a statement.

This report by The Canadian Press was first published Aug. 8, 2022.

Companies in this story: (TSX:CVE)

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Alberta

Nutrien names Ken Seitz president, CEO amid sweeping changes in agriculture markets

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Saskatoon-based fertilizer giant Nutrien Ltd. has named Ken Seitz president and CEO following a months-long global talent search. 

The company says Seitz, who has served as interim CEO since January and previously headed up its potash operation, brings 25 years of experience in agriculture and mining to the role.

Nutrien says it has achieved record results under Seitz’s leadership amid sweeping changes in agricultural markets and unprecedented global food security challenges.

Russ Girling, chairman of Nutrien’s board of directors, says the company’s record performance during some of the most turbulent times in the sector underscore the strength of Seitz’s leadership. 

Seitz, who grew up on a dairy farm in Saskatchewan, says he’s “honoured and humbled” to work alongside growers during challenging times.

He says Nutrien is well positioned to help meet the global goals of food security and climate action.

This report by The Canadian Press was first published Aug. 8, 2022.

Companies in this story: (TSX:NTR)

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