Husky CEO slams Ottawa for derailing projects with politics – Yahoo Canada Finance

Expansive aerial view of a pit mining project in Alberta’s Oilsands near Fort McMurray.Husky Energy’s (HSE.TO) chief executive officer says major energy projects are unlikely to move forward in Canada unless Ottawa does more to reduce political uncertainty and lengthy, expensive approval processes. Speaking on a conference call following the release of the Calgary-based integrated oil…

Husky CEO slams Ottawa for derailing projects with politics – Yahoo Canada Finance

Expansive aerial view of a pit mining project in Alberta’s Oilsands near Fort McMurray.Husky Energy’s (HSE.TO) chief executive officer says major energy projects are unlikely to move forward in Canada unless Ottawa does more to reduce political uncertainty and lengthy, expensive approval processes. Speaking on a conference call following the release of the Calgary-based integrated oil producer’s latest financial results, Robert Peabody commented on the increasingly challenging environment for new energy infrastructure in Canada. “Governments should make every effort to ensure that companies in any industry don’t invest significant dollars in a project, and in project applications, only to be derailed by policy or political uncertainty at the very last moment,” he said on Thursday. “That certainly is a situation that has to be rectified if people want projects to move ahead.”His remarks come in the wake of Teck Resources’ (TECK-B.TO)(TECK) decision last Sunday to pull the plug on plans for a $20 billion oilsands mine in northern Alberta. The company said the full potential of Canada’s energy sector will not be realized until the government reconciles conflicting natural resource development and carbon reduction priorities.Teck began the regulatory process for the planned Frontier mine in March 2008. Last July, the Alberta Energy Regulator and the Canadian Environmental Assessment Agency recommended approval of the project. The federal government was expected to issue its deci
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