Section 2: Economic events

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Canada

BP committed to fund the first $2.5 billion spent on the Sunrise oilsands project in northern Alberta co-owned by BP and Husky Energy. The Sunrise project is expected to produce 60,000 barrels of oil per day starting in 2014. Alberta announced an oil refinery partnership with North West Upgrading and Canadian Natural Resources. Phase 1 of the Redwater upgrader is to be completed by the summer of 2014 and will process 50,000 barrels a day. PetroChina entered a joint venture with EnCana to buy half of its Cutbank Ridge gas field in northeast BC for $5.4 billion.

Alberta tabled its 2011 budget with a projected $3.4 billion deficit, a 0.5% spending increase to $39 billion and no tax cuts.

In tune with the United Nations Security Council, the Federal government imposed a complete asset freeze on the Libyan government and its agencies following a civil uprising in the country. Most foreign companies operating in Libya suspended their projects and evacuated workers.

World

OPEC boosted its output to a two-year high of 29.72 million barrels per day as oil prices rose amid civil unrest in several Middle Eastern countries.

Japan and India signed a free-trade agreement under which they will remove over 90% of respective import tariffs within ten years.

The US government announced a two-year pay freeze for civilian federal workers.

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