Canada Turns to China After Keystone Failure
Canadian Prime Minister Stephen Harper shakes hands with Chinese President Hu Jintao before their meeting at the Great Hall of the People in Beijing on February 9. Canada is keen to sell more oil to China after President Barack Obama rejected a permit last month for construction of the Keystone pipeline, which would have extended south through the United States from the oil sands of Alberta to the Gulf of Mexico. (DIEGO AZUBEL/AFP/Getty Images)
February 15, 2012
| Economics
| The Americas
Following the Obama administration’s rejection of TransCanada’s request for a permit to build the Keystone pipeline to the Gulf of Mexico, Canada is drawing up plans to build a pipeline west through Canada to provide China with easier access to its oil. It’s a strong sign that an economic alliance is forming between the two countries — a natural alliance, given that Canada is the third largest oil producer, after Saudi Arabia and Venezuela, and that China is one of the world’s largest markets for oil.PetroChina has invested more than $6 billion to buy stakes in Canadian oil producers in the last six months alone, according to Wall Street Daily, and on a trade mission to China, Canadian Prime Minister Stephen Harper is urging even more investment. Meanwhile, the prospect of higher oil prices over the next five years is pushing companies like Suncor, Shell and Chevron to increase drilling in previously unprofitable reserves, most of them in the oil sands of Alberta, in western Canada.
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