Business briefs – July 9

Canadian Natural Resources Ltd. (TSX:CNQ) plans to outsource less work to other firms on future oilsands expansions to boost efficiency and cut costs, a company executive told an investment conference Wednesday.

Oilsands firm looks to cut costs, boost efficiency

CALGARY — Canadian Natural Resources Ltd. (TSX:CNQ) plans to outsource less work to other firms on future oilsands expansions to boost efficiency and cut costs, a company executive told an investment conference Wednesday.

“We are going to attempt to build this out by taking more project control ourselves in-house, rather than farming it out,” vice-chairman John Langille said at the TD Newcrest Canadian Unconventional Oil Forum.

The first phase of Canadian Natural’s Horizon oilsands project began producing synthetic crude oil in February. That 110,000-barrel-a-day project ended up costing $9.7 billion, up from its original budget of $6.8 billion.

“In our company, we are not happy about that at all.,” Langille said.


CRTC issues fines for do-not-call violations

OTTAWA — The CRTC says it has dealt out its first round of fines to telemarketers for violating the do-not-call registry, pegging two unnamed companies.

The regulator said Wednessday that both firms have 30 days to pay fines or contest the charges before a regulatory panel. As long as they don’t dispute the fines, then they will remain anonymous under the regulator’s general policy.

Register numbers at any time by visiting www.dncl.gc.ca or by telephone at 1-866-580-3625.


Beijing firm joins Magna in bidding for Opel

FRANKFURT — Negotiations for the sale of General Motors Corp.’s Opel to Canadian auto parts maker Magna International Inc. (TSX:MG.A) are progressing, a GM Europe spokeswoman said Wednesday, while confirming the company has also received a bid from China’s Beijing Automotive Industry Corp.

Maggie He, a spokeswoman for GM China in Shanghai, told The Associated Press that the Chinese automaker had made a bid for Adam Opel GmbH, confirming weeks of speculation. No details about the Chinese bid were released and phone calls to the company were not answered.


OPEC revises outlook for crude oil prices

VIENNA — In what can be seen as a good news, bad news story for Canada, the OPEC oil cartel is predicting it will take another four years for crude oil use to recover to 2008 levels because of the global recession.

Wednesday’s forecast was one of several profiled by the 12-member Organization of the Petroleum Exporting Countries in its oil supply and demand outlook to 2030.

It reflected the deep crimp in the world’s appetite for oil because of falling international industrial production.

While reduced demand for crude might seem like good news for consumers facing sticker shock at the gas pump, it likely doesn’t auger well for Canada’s petroleum industry, a major driver of the economy, especially in Western Canada.


Just Posted

Indigenous cultural centre needed in Red Deer

Urban Aboriginal Voices Society hosts annual community gathering

Red Deer youth recognized for his compassion

Blackfalds man dies after vehicle collision

Shots fired at O’Chiese residence early Tuesday

Two occupants were not injured in 6:50 a.m. shooting

Red Deer County to freeze 2019 taxes

Good financial numbers to be passed on to ratepayers

‘Princess tea’ held as Red Deer church fundraiser

Knox Presbyterian Church event is on April 27

Inspired by a galaxy far, far away, these ‘Star Wars’ mementos could be yours forever

CHICAGO —The stuff of “Star Wars” —and there is unfortunately no better… Continue reading

Shoppers Drug Mart launches second online medical pot portal in Alberta

TORONTO — Medical cannabis users in Alberta can now get their therapeutic… Continue reading

Oh, yes! Nurse, Raptors look to finish series with Magic

DENVER — In response to an early call, Toronto coach Nick Nurse… Continue reading

Delay of game calls, goalie interference top worst rules for NHLers: survey

The pace and excitement of 3-on-3 overtime isn’t just a thrill for… Continue reading

Avengers get epic send-off at ‘Endgame’ world premiere

LOS ANGELES — There were more than a few sniffles from the… Continue reading

Writers’ Trust launches program pairing rising writers with established mentors

TORONTO — The Writers’ Trust has launched a program that gives five… Continue reading

Family: A potpourri of Easter egg hunts, music and politics

The election is a thing of the past. Albertans have spoken. They… Continue reading

Sri Lankan-Canadians mourn victims of terrorist attack in their homeland

Sri Lankan-Canadians were gathering Monday to mourn those killed in a massive… Continue reading

Most Read