Will The New Liberal Government In Canada Strike A Climate Change Deal With Obama In Return For Keystone XL Approval?

 

LNG Agreement Signed During State Visit to UK

BP and China Huadian Corporation (Huadian) today signed a sale and purchase agreement for BP to sell Huadian up to 1 million tonnes of liquefied natural gas (LNG) per year worth up to $10 billion over the next 20 years.             

The agreement was one of several signed in London during this week’s State Visit to the UK by the President of The People’s Republic of China, Mr Xi Jinping and signed in the presence of President Xi and UK Prime Minister David Cameron.

“This marks another long-term LNG supply deal between BP and Chinese buyers and it will play an important role in enhancing China’s energy….” said Bob Dudley, BP Group Chief Executive. 

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In an expansion of their ongoing global partnership, BP and China National Petroleum Corporation (CNPC) today entered into a framework agreement on strategic cooperation covering potential shale gas exploration and production in the Sichuan Basin and future fuel retailing ventures in China and other international partnerships. 

“The success of our Rumaila oil field project in Iraq has convinced us that there are more opportunities for cooperation between CNPC and BP,” said Bob Dudley, BP Group Chief Executive. “This strategic partnership not only strengthens the relationship between the UK and China’s largest energy companies, it further cements the relationship between China and the UK as global business partners.”  (Read More)

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From "Seeking Alpha"  

Canadian Prime Minister-elect Justin Trudeau says he wants to work with the U.S.on TransCanada's (TRP +0.1%) Keystone XL oil pipeline and climate change talks after speaking with Pres. Obama following his party's big victory in the federal election, WSJ reports.

Trudeau says the relationship between Canada and the U.S. has been "focused on a single point of disagreement," referring to Keystone XL. “Canada could have taken a different tack towards issues on energy and environment over the past 10 years, and that’s what I’m focused on now.”

The new government’s more aggressive stance on clean energy could weigh on Canadian oil stocks, but yesterday's market reaction to the Liberal victory was hopeful.