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Provincial Business

Watchdog clears State Department of impropriety in Keystone pipeline review

WASHINGTON — The State Department’s internal watchdog cleared the agency Thursday of any impropriety in its review of a permit for a controversial pipeline that would carry oil produced from Alberta’s oilsands to refineries along the Texas Gulf Coast.

In a report released to Congress, the department’s inspector general said it found no evidence that State Department employees were improperly influenced by the company asking to build the pipeline, TransCanada Corp. (TSX:TRP), when they selected the third-party contractor to conduct the environmental analysis, as opponents of the project had charged. READ

Precision turns Q4 profit, natural gas drilling 'dismal’

CALGARY — Precision Drilling Corp. said Thursday about three quarters of its rigs are chasing after oil, as the outlook for natural gas activity in North America remains dismal. READ

Walmart Canada to spend $750 million this year on new, remodelled stores

TORONTO — Walmart Canada plans to spend more than $750 million this year to open, relocate or remodel 73 retail stores, including former Zellers locations. READ

Imperial Oil approves $2-B expansion at Cold Lake oilsands

CALGARY — Imperial Oil Ltd. is going ahead with a $2-billion expansion to its Cold Lake oilsands operation in northeastern Alberta, part of a plan to double overall production by the end of the decade. READ

No independent agency, but increased monitoring in oilsands

EDMONTON — A long-awaited program from the federal and Alberta governments on how to gauge the environmental effects of the oilsands — and answer the industry’s international critics — will watch for more contaminants, in more places, more often. READ

Canadian Pacific begins shipping crude oil from Lloydminster

CALGARY — Canadian Pacific (TSX:CP) has begun to move crude oil from a new terminal near Lloydminster, Sask., as part of the railway’s plans to expand services for the energy sector. READ

Shell sells 20 per cent interest in B.C. shale lands to PetroChina

CALGARY — PetroChina is buying part of Royal Dutch Shell PLC’s shale gas lands in northeastern British Columbia, the latest in a series of investments state-owned Chinese companies have made in Canada’s energy sector. READ

WestJet says regional carrier will operate separately

CALGARY — The new short-haul carrier WestJet Airlines Ltd. is considering would operate separately from the main airline, but help draw more traffic into its network, CEO Gregg Saretsky said Thursday. READ

Medicine Hats gets into oil business

Alberta’s Gas City is getting into the oil business. READ

CP says it has customer, shareholder support

CALGARY — Canadian Pacific’s enbattled CEO fired back at his detractors Friday, saying some of the railway’s biggest customers believe the company is on the right track despite a major shareholder’s highly public demand for his removal. READ

TransCanada CEO says shippers still want Keystone

CALGARY — Ongoing uncertainty around the contentious Keystone XL oil pipeline hasn’t scared away companies that would use it to ship crude between Alberta and the U.S. Gulf Coast, the company’s CEO told investors Thursday. READ

Shaw hikes dividend as Q1 profits rise

CALGARY — Shaw Communications Inc. raised its monthly dividend by five per cent Thursday and reported a big profit increase, but the results fell shy of analyst expectations and the stock fell slightly. READ

Chevron Canada gets offshore energy deal

CALGARY — Chevron Canada Ltd., a big player in Canada’s offshore oil industry, has struck a deal with Norwegian and Spanish oil companies to carry out exploration off the coast of Atlantic Canada and in the Far North. READ

Oil, agriculture to buoy economy in West

Economically speaking, Western Canada should still be one of the best places in the world to live in 2012, a banking expert says. READ

TransCanada may be able to sped up urgently needed leg of Keystone pipeline

It may be possible for TransCanada Corp. to build the most urgently needed leg of its delayed Keystone XL oil pipeline as early as next year, an executive with the pipeline giant said Wednesday. READ

Shaw interested in some of Canwest's assets

The chief executive officer of Shaw Communication Inc. (TSX:SJR.B) confirmed Thursday that his company has been looking at buying some of Canwest’s assets, although he wouldn’t say what has caught his interest. READ

Cash Store reports big increase in Q2 profit

EDMONTON — Lender of last resort The Cash Store Financial Services Inc. (TSX:CSF) announced Wednesday it was boosting its dividend after reporting a major increase in second-quarter profits. READ

Finning posts loss

VANCOUVER — Finning International Inc. (TSX:FTT) shares sank Wednesday after the heavy equipment dealer said revenues and earnings fell more than analysts expected as the recession hit all of its businesses. READ