04:41:59 EST Mon 09 Dec 2019
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Canadian Pacific Railway Ltd
Symbol CP
Shares Issued 139,838,175
Close 2019-06-27 C$ 306.75
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FP says CN, CP hear Alberta wants out of oil-by-rail

2019-06-28 05:02 ET - In the News

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

The Financial Post reports in its Friday edition that the Alberta government is trying to offload its lease of 4,400 rail cars to ship crude oil to United States refineries. The Post's Janet French writes that the government announced Thursday it has engaged CIBC Capital Markets to "help oversee the divestment of the crude-by-rail program and its transition to the private sector." The negotiations are "highly confidential," says Alberta Energy Minister Sonya Savage. She expects the province to have a deal by fall. "We will leave crude-by-rail in the hands of the private sector while making decisions that ensure the best outcomes for Albertans and our energy sector." In February, the previous NDP government signed the $3.7-billion oil-by-rail deal with Canadian Pacific Railway and Canadian National Railway to ship as much as 120,000 barrels per day out of the province. The NDP predicted the three-year deal would net the province $2.2-billion in royalties and sales. However, the United Conservative Party government forecasts a $1.5-billion loss on the deal. Some rail cars were supposed to be available starting next month to begin shipping 20,000 barrels a day, with capacity growing during the next year.

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