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Canadian Pacific Railway Ltd
Symbol CP
Shares Issued 140,585,236
Close 2019-02-21 C$ 272.92
Market Cap C$ 38,368,522,609
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Globe says CN, CP hear UCP vow to nix oil-by-rail plan

2019-02-21 07:03 ET - In the News

See In the News (C-CNR) Canadian National Railway Company

The Globe and Mail reports in its Thursday, Feb. 21, edition that Jason Kenney is promising to rip up crude-by-rail contracts signed by the NDP government if his United Conservative Party wins the Alberta election. The Globe's James Keller writes that Premier Rachel Notley announced plans this week to lease 4,400 rail cars over the next three years to transport up to 120,000 barrels a day. Ms. Notley said the move would alleviate a backlog caused by limited pipeline capacity and bring in revenue for the province. On Wednesday, Mr. Kenney went promised to do everything in his power to cancel the entire plan. On Wednesday he said: "We believe the private sector can and will increase rail shipment capacity for Alberta oil when the market conditions are right. With the NDP's fiscal train wreck that has us headed for $100-billion in debt, we can't afford $4-billion on a corporate welfare that is a risky venture." Mr. Kenney said he would contact Canadian National Railway and Canadian Pacific Railway to tell them they should "not spend a lot of money" on implementing their contracts. He said he would seek legal advice if elected and acknowledged the contracts likely include cancellation penalties.

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