[Newsbot]

Title: Canada blocks $5.2 billion Petronas bid for Progress Energy
Category: Business
Posted By: saturn_656
Date: 2012-10-20 09:09:01
Canadian

[saturn_656]

http://www.theglobeandmail.com/globe-in ... le4626206/

$1:

Malaysia�s Petronas refused a last-minute request by the federal government for more time to consider the state-owned energy producer�s proposed $6-billion acquisition of Canada�s Progress Energy Resources, forcing Ottawa to block the deal just minutes before a deadline elapsed midnight Friday.

Petronas is taking their ball and going home.

[CanadianJeff]

Honestly I don't get why we buy our oil from overseas. We should just process it here and tell the clowns who want to point at emissions numbers all day that at least we have the balls not to hide the numbers overseas by having other countries process our oil for us.

For me Canada selling it's oil and gas to overseas competitors makes no sense until we can maintain energy independence ourselves. Especially considering how many jobs it could create here at home.

[Gunnair]

CanadianJeff CanadianJeff:

Honestly I don't get why we buy our oil from overseas. We should just process it here and tell the clowns who want to point at emissions numbers all day that at least we have the balls not to hide the numbers overseas by having other countries process our oil for us.

For me Canada selling it's oil and gas to overseas competitors makes no sense until we can maintain energy independence ourselves. Especially considering how many jobs it could create here at home.

Who here is locally going to sink in the billions to process it?

[andyt]

CanadianJeff CanadianJeff:

Honestly I don't get why we buy our oil from overseas. We should just process it here and tell the clowns who want to point at emissions numbers all day that at least we have the balls not to hide the numbers overseas by having other countries process our oil for us.

For me Canada selling it's oil and gas to overseas competitors makes no sense until we can maintain energy independence ourselves. Especially considering how many jobs it could create here at home.

Agreed, that seems like the best case. Send the oil east instead of them buying it from overseas. And what's the greenhouse cost of shipping oil in tankers? Since this would take massive investment, I could see the federal govt getting involved financially here, as long as the economics make sense. (It just may be true that it's cheaper to buy that foreign oil).

[redhatmamma]

Harper is damned if he does and damned if he doesn't, people were screaming about a Chinese takeover, now Mulcair is screaming he doesn't like it...

It's been suggested that a refinery be built in Kitimat

http://www.theglobeandmail.com/commenta ... le4487586/

[andyt]

Yes, by David Black. He's certainly not putting up his money to do so, not that he has enough. People have pointed out that sending tankers full of gasoline thru the coast might lead to less long term damage in case of an accident, but would be very exciting in the short term.