OPEC President Suhail al-Mazrouei has urged Canada to invest in infrastructure to transport oil and gas or risk losing its investment to the US.
Earlier this year, the Canadian Government said it would purchase Kinder Morgan Canada Ltd’s Trans Mountain oil pipeline in a bid to ensure the expansion project goes ahead following permit delays and political opposition.
Insufficient capacity in its oil pipelines has reduced deepened the discount that Canadian heavy crude can draw from US refiner in comparison to US light oil futures.
Speaking at a TD investor conference during the city’s annual rodeo, that is also the country’s major meeting for its energy sector, Mazrouei said: “If you don’t have the major infrastructure, investors are going to go to your neighbor, where infrastructure is not an issue.” He added: “Act and act quickly if you want to retain those investors. I am being frank because I want to be a true friend to the Canadians.”
“I don’t want them to lose opportunities.”