Canadian Oil Sands Avoid “Dirty” Label From the EU

The European Union voted by a extremely narrow majority Wednesday against a proposed fuel quality directive that would have stigmatized as “dirty” all imports coming from Canadian oil producers, and which Ottawa has been fighting for over two years.

The rule, passed by a difference of just 12 votes, will now go to a ratification vote early in 2015.

“Our government will continue advocating for Canadian interests and Canadian jobs,” Natural Resources Minister Greg Rickford told CP after the vote.

“We are encouraged the European Parliament relied on science and the facts in making this decision.”

The vote of the full plenary was prompted earlier this month when the European Parliament’s environment committee utterly rejected a deal allowing oil producers to report an average carbon rating of their oil stock, instead of singling out oil sands content.

Canada and representatives of the oil industry have said unconventional oil has a valuable role in diversifying EU supplies and that Canada’s huge deposits of oil sands, being developed by oil majors such as Exxon Mobil Corp., BP PLC and Royal Dutch Shell PLC, were being unfairly singled out by the original EU plan.

via Mining.com

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Alfonso Esparza

Alfonso Esparza

Senior Currency Analyst at Market Pulse
Alfonso Esparza specializes in macro forex strategies for North American and major currency pairs. Upon joining OANDA in 2007, Alfonso Esparza established the MarketPulseFX blog and he has since written extensively about central banks and global economic and political trends. Alfonso has also worked as a professional currency trader focused on North America and emerging markets. He has been published by The MarketWatch, Reuters, the Wall Street Journal and The Globe and Mail, and he also appears regularly as a guest commentator on networks including Bloomberg and BNN. He holds a finance degree from the Monterrey Institute of Technology and Higher Education (ITESM) and an MBA with a specialization on financial engineering and marketing from the University of Toronto.
Alfonso Esparza