By Claudia Cattaneo, Financial Post
Chinese petrochemical companies are beginning to back peddle on Canadian tar sands due to trouble hustling funds. Now THAT is interesting. Not too long ago, P66 signed a major deal with Sinopec to deliver massive amounts of propane. Leads one to wonder… how this will affect Rodeo’s P66 project as much of their propane was slated to come from Canadian tars sands? Sinopec seems displeased with its other Canadian energy investments, too. According to the Financial Post, the Canadian arm of China Petrochemical Corp. may back away from work on its Northern Lights oil sands lease or sell the property entirely.
By Fox News
At a community meeting this week,Valero stated that the community’s safety concerns were not financially in the company’s interest and that the “benefits outweigh the risks.” Valero also assured the crowd that it will “only” have FOUR long oil unit trains a day and promised to make the trains move ….slower.
Setting aside the fact that over half of derailment happen in rail yards where the average speed is 1 mile an hour or less, unloading four mile-long unit trains a day is a massive amount of crude. Four trains a day is over 300,000 barrels of crude.
Andres Soto from Benicians for a Safe and Healthy Community unpacks other important concerns in the news footage.