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Stalled pipeline projects threaten Canada’s economic future, banker warns

  • Canada must stop inter-provincial bickering and political indecision to ensure major energy projects get done before global markets move on to other suppliers, Bank of Nova Scotia CEO Brian Porter says, calling Canada's inability to deliver energy to world markets "detrimental" to the country’s economy.
  • TransCanada's (NYSE:TRP) Energy East project to transport oil to the Atlantic coast and Enbridge's (NYSE:ENB) Northern Gateway pipeline that would transport Alberta oil to the Pacific coast for shipment to Asia would create tens of thousands of jobs with economic benefits spread across Canada, Porter says.
  • Meanwhile, Shell's (RDS.A, RDS.B) proposed combination with BG Group (OTCQX:BRGXF, OTCQX:BRGYY) likely will result in one fewer liquefied natural gas project being built on the British Columbia coast between Shell's LNG Canada and BG's Prince Rupert LNG.

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