Canadian Prime Minister Stephen Harper said developing the world’s third-largest pool of oil reserves is as difficult as building China’s Great Wall. Chinese companies may find themselves outside looking in.
Canada’s central bank will probably promote from within to replace Tiff Macklem, who said yesterday he will quit as senior deputy governor seven months after being passed over for the top job, economists said.
Canadian Natural Resources Minister Joe Oliver said the prospect of the U.S. becoming the world’s biggest crude producer will transform it from a customer into a “competitor,” underscoring the need to build Canadian pipelines to reach Asian markets.
Canada’s bid to become what Prime Minister Stephen Harper calls an energy “superpower” is at risk as approval delays for new pipelines threaten an industry already hurt by high costs and rival production.
Canada unveiled plans to use more of its diplomatic resources to pursue commercial aims in key markets such as China and India as the country tries to grow business abroad for its companies, Trade Minister Ed Fast said.