Sinopec's $4.6-billion deal to acquire a minority stake in the Syncrude oil-sands plant would give the Chinese state-controlled company a veto over the crucial decision of whether the company should upgrade more oil in Alberta or export raw bitumen for processing.
That would include decisions on whether to invest in a proposed project that would increase the plant's production and whether to boost capacity to process the additional bitumen into lighter synthetic oil on site. It could also cover investments in technology needed to reduce greenhouse-gas emissions.
That would be bad. Exporting raw bitumen would not favour job creation for Canadians and would most assuredly lead to greater GHG release in China, which affects us all.
Not to worry, though.
In the last election campaign, Prime Minister Stephen Harper said his government would prevent any company from exporting raw bitumen to take advantage of weaker environmental rules in other countries.
And he always keeps his election promises, right?
Monday Afternoon Links
9 hours ago
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