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Economic events in August CanadaThe $7 billion Hebron offshore oil project will proceed with Newfoundland and Labrador paying $110 million for a 4.9% equity stake and contributing its share of development costs. The government also purchased a 5% interest in the next phase of Husky Energy’s White Rose project and now has a policy requiring provincial ownership of at least 5% in all future offshore projects. Canadian Natural signed a deal to sell heavy crude oil to a US refinery on the Gulf Coast. An equipment breakdown at Petro-Canada’s Edmonton refinery caused the closure of numerous gas stations in BC and Alberta due to shortages. Hydro-Quebec announced a $1.9 billion overhaul of its Gentilly-2 nuclear power plant near Trois-Rivieres. Norway’s Renewable Energy Corp. will build a $1.2 billion polysilicon plant there commencing in 2010 with Quebec supplying power at its preferred industrial rate over a 20-year contract. About 500 striking workers at three mines of Potash Corp in Saskatchewan, which account for 6% of global output, halted production in the month. Maple Leaf Foods initiated a recall of over 20 meat products and temporarily closed a Toronto processing plant due to a bacteria outbreak. |
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