Economic News Affecting St. John's

[jeddy1989]

Originally Posted by statbass

VOCM
Oct 7, 2013
Unknown Author



http://www.vocm.com/newsarticle.asp?...39336&latest=1

WOOTTTTT

Statoil is really on the ball here!

[SignalHillHiker]

They need a head office here, then. A beautiful, Norwegian building right where the Ultramar is on Waldegrave Street.

[jeddy1989]

Billion Dollar Contract Awarded on Muskrat Falls

It looks like an Italian contractor will be awarded an over $1-billion Muskrat Falls contract. While the deal hasn't been finalized, Nalcor says Astaldi Canada Inc. is the preferred contractor. Negotiations are expected to conclude in the coming weeks. The contract will include the construction of the powerhouse, intake, gated spillway, transition structures and other associated work. Nalcor VP Gilbert Bennett says site preparation for the work will begin in the coming weeks. Astaldi Canada Inc. is a subsidiary of an italian general contractor.

Former Natural Resources Minister Shawn Skinner, in a new role with a Toronto-based construction company, AECON, has warned of the hiring of foreign companies. AECON had bid on the same contract.

http://www.vocm.com/newsarticle.asp?...39453&latest=1


Oh great ....

Nova Scotia says No to Muskrat Falls without Conditions

The newly elected premier of Nova Scotia says he will not support the Muskrat Falls project unless residents of his province are guaranteed cheaper power. After winning a majority government Liberal, Stephen McNeil says he supports the ruling by the UARB that said the Maritime Link only made sense if more power was obtained at a cheaper rate. That's a message he says he intends to bring to Newfoundland and Labrador Premier Kathy Dunderdale.

Premier Kathy Dunderdale says she's confident the election of a Liberal majority in Nova Scotia won't have an impact on the Muskrat Falls project. Dunderdale told reporters this morning that the Muskrat Falls agreement is between Nalcor and Emera, a publicly-traded company.



Liberal Natural Resources critic Dwight Ball says Stephen McNeil's election will change the approach to energy distribution in Nova Scotia. He says McNeil is looking to break the monopoly Nova Scotia Power has in that province and give people a choice.



He says there will be more pressure now on trying to meet the condition set by the UARB on providing more power to Emera at a much-reduced rate.

http://www.vocm.com/newsarticle.asp?...39441&latest=1


I'm not done yet hahaha

Contract Awarded for Elements of Wind Farm

Maderra Engineering of St. John's has been awarded the contract for elements of Beothuk Energy's offshore wind power development off the west coast. Beothuk is proposing to develop a 180 megawatt demonstration offshore wind park in the Gulf of St. Lawrence.

http://www.vocm.com/newsarticle.asp?...39448&latest=1

[Architype]

Here's the story on that massive ship on the waterfront.

Massive Oceanex Connaigre worth the cash, Hynes says

Vessel to increase freight capacity to Halifax by 50 per cent

The Oceanex Connaigra, the latest vessel to join the company's fleet, is an impressive sight that dwarfs buildings along St. John's waterfront.

The ship, which is 210 metres long and cost $108 million, was put together in Germany by shipbuilding company Flensburg.

Moving all the steel are two engines combining for 22,000 horsepower, allowing the ship to reach a top speed of 23 knots.

Continue reading: http://www.cbc.ca/news/canada/newfou...says-1.1930346

[Architype]

And here's a photo of it I happened to get yesterday:

[jeddy1989]

here's some more GOOD news!

Significant Gold Discovery near Cape Ray

A mining company from Thunder Bay, Ontario has a huge chunk of land on the province's southwest coast where it has a significant gold discovery. Here's VOCM's Terry Hart.



Benton Resources now own 60 kilometers of land where it has a gold discovery in the Cape Ray area. President Stephen Stares, who was born in Benton near Gander, says the company will be spending at least a million dollars in the coming months during more exploration. Benton Resources is well funded with over $7-million in cash and $1.4-million in equities, along with multiple joint ventures in gold, silver, copper, nickel, and platinum group elements. He says this region has huge potential for new discoveries.

Stares says over $15-million has been spent on the Cape Ray gold discovery over the years, and there are a number of other mining companies interested in getting involved with joint ventures on these properties.

http://www.vocm.com/newsarticle.asp?mn=2&id=39454

[statbass]

Here's some more great news. There seems to be some big projects on the horizon

The Telegram
Oct 10, 2013
Author: Ashley Fitzpatrick

Offshore oil project seen as spark for new industrial area
Husky Energy is readying to start on a new, multi-billion dollar offshore oil development at Argentia and the Argentia Management Authority sees the lease with the company as a continuation of the new lease on life it has promoted for the area.

“Of course you know the AMA signed an option to lease Husky Energy and we’re hoping today to have that lease executed,” said Harvey Brenton, CEO of the management authority, in a brief interview with The Telegram this morning.

Brenton will be on hand for the press conference at 2:30 p.m. at the Star Hall in Placentia, wherein further details on the project are expected to be released.

“I think it’s going to certainly mean a big thing or this particular area,” he said, referring to Argentia and the Town of Placentia, with a total population of roughly 3,700. Argentia is within the town’s boundaries.

The naval base at Argentia was abandoned in 1994 and the Canadian government has since put more than $100 million into cleaning up what was left behind at the base: scrap, PCBs and other environmental liabilities.
Yet since Vale developed its 1:100-scale test facility in Argentia — for the more than $4-billion processing plant under construction at nearby Long Harbour — the Argentia area has been looked at with fresh eyes.

Tenants now include not only the Canadian Coast Guard and Marine Atlantic, but also companies like MetalWorld, Capital Crane, Hunts Transport, Irving Equipment and H.J. O'Connell.

The Argentia Management Authority boasts an ice-free, deepwater port that is International Safety and Port Security code compliant, with two active stevedoring companies. Last year saw the most port traffic since 2001.

http://www.thetelegram.com/News/Loca...nchor-tenant/1

[J_Murphy]

^^^Awesome news! This has been on the horizon for a while now, hopefully this will make the construction of a GBS out there official.

[statbass]

Here's so more info on the White Rose extension project.

CBC News
Oct 10, 2013

$3 billion expected in royalties, equities, corporate income taxes for province

A significant announcement was made in the town of Placentia on Thursday, as the Newfoundland and Labrador government signed a new deal with Husky Energy to develop an extension to the White Rose oil field.

The company has agreed to build a new wellhead platform in Argentia for the project.

The project is contingent on more approvals from the province and its oil partners. If approved, the platform will include a concrete structure and topsides.

Once it begins pumping oil, the platform will be tied back to the existing SeaRose production vessel. It is expected to deliver an estimated 115 million barrels of oil.

...

http://www.cbc.ca/news/canada/newfou...rose-1.1958550

[statbass]

VOCM
October 18,2013

VOCM News has learned that Irving Oil is in talks to purchase the Come By Chance Oil Refinery. In recent weeks it had been reported that the refinery was facing another year of losses in the hundreds of millions of dollars, but now the struggling refinery may find new life, with new owners. VOCM's Fred Hutton has this exclusive report.

...

http://www.vocm.com/newsarticle.asp?mn=2&ID=39773

[jeddy1989]

Premier Meets with Vale Officials in Brazil

Premier Kathy Dunderdale says her trade mission to Brazil, cut short yesterday by the CETA Trade Agreement announcement, still proved very fruitful for the province. The trade mission itself doesn't start until today, and Minister Kevin O'Brien is in the South American nation representing the province. The premier says she went down a few days early to meet specifically with Vale officials to get an update on the Long Harbour development and the Voisey's Bay mine site.



She says Vale officials indicated that Long Harbour will start to ramp up in 2015, while they're looking to go underground at Voisey's Bay. The company was most concerned about issues surrounding adequate power in the area which will be discussed further.

The Premier says the meetings were warm and cordial despite recent revelations surrounding spying by Communications Security Establishment Canada (CSEC) on Brazil's Ministry of Mines and Energy. Dunderdale says officials from Brazilian energy company, Petrobras, paid a recent visit to the province. She says Newfoundland and Labrador is trying to foster a very positive relationship with Brazil.



She says tentative business deals have already been struck.

http://www.vocm.com/newsarticle.asp?...39802&latest=1

[jeddy1989]

Premier Applauding CETA Announcement

Premier Kathy Dunderdale is applauding the CETA agreement announced on Friday. Dunderdale says the agreement in principle, once ratified, will bring significant benefits to the province's fishing industry. She says most other jurisdictions had signed off on a fisheries package in July as part of CETA that she says simply didn't work for Newfoundland and Labrador. The Premier says that's when the province dug in its heels.



As a result, she says, what they negotiated was not only better for the province, but better for the entire country.

Premier Dunderdale says removing the minimum processing requirements in exchange for removing restrictive trade tariffs on Canadian fish and seafood was a good move. She says European processors can't compete with Canadian companies, and shouldn't have a negative impact. Despite that, she says it was an important concession for the EU.



Meanwhile, the St. John's Board of Trade says CETA is good for business in Newfoundland and Labrador. CEO Nancy Healey says with an estimated 70,000 job openings, access to the European markets through the elimination of tariffs is welcome news.



Healey says she hopes the increase in business will attract European workers to this province.

Richard Alexander of the Newfoundland and Labrador Employers' Council says the agreement reached between Canada and the European Union demonstrates great growth in the province. He says businesses that are having difficulty surviving in the current marketplace will see increased opportunities as the province begins to compete on a global scale.

http://www.vocm.com/newsarticle.asp?mn=2&id=39816

[jeddy1989]

Future Bright for Province: NLCU

A senior executive with one of the province's leading financial institutions is bullish about the economy of this province for the next 20 to 30 years. VOCM's Terry Hart reports.



Allison Chaytor Loveys is chief executive officer with Newfoundland and Labrador Credit Union, a company which contributes almost $26-million annually to the province's economy. She believes Newfoundland and Labrador's economy will show growth for the next several decades on the strength of the oil and gas industry, mining, hydro developments and tourism. Loveys says when you see the billions of dollars being spent on the Hebron project, Vale at Long Harbour and in Labrador, IOC expansion, Muskrat Falls, and the recent announcements of new oil finds like Statoil, the long term outlook for this province is solid.

Loveys says the Newfoundland and Labrador Credit Union is also showing strong growth with over 21-thousand members throughout the province and assets of over $514-million.

http://www.vocm.com/newsarticle.asp?...39833&latest=1

[statbass]

CBC NL
Oct 29, 2013

A trade-off in trade talks will see Ottawa pour big cash into a new fund created to boost the Newfoundland and Labrador fishing industry.

The Newfoundland and Labrador government says the feds will provide 70 per cent of the cash for the new $400-million fund.

According to the province, the fund will be used to invest in research and development, new marketing initiatives and infrastructure.

“This unprecedented level of investment in the provincial fishery will help us achieve previously unimagined economic gains from our renewable fish resources, which will support economic prosperity in rural communities for generations to come,” Premier Kathy Dunderdale said in announcing the fund.

The federal contribution amounts to $280 million. The province will front the remaining $120 million.

...

http://www.cbc.ca/news/canada/newfou...stry-1.2287120

[J_Murphy]

Originally Posted by statbass

CBC NL
Oct 29, 2013



http://www.cbc.ca/news/canada/newfou...stry-1.2287120

This seems like a step in the right direction to me. However, being someone who doesn't understand the complexity of the issues of the fishery in the province (and probably never will), I am not really sure. Seems like whatever is done with the fishery here, it is never good enough. Reading some of the commentary online and the little coverage this is getting in comparison to the NDP fiasco, it doesn't seem to be that big a deal.

[SignalHillHiker]

Looks to me like we simply sold lucrative rights for a pathetic, one-time cash payment again. And we're even contributing 30% to the pot.

[statbass]

Originally Posted by SignalHillHiker

Looks to me like we simply sold lucrative rights for a pathetic, one-time cash payment again. And we're even contributing 30% to the pot.

I think it's hard to know what way it will go at this point. The CETA agreement has definitely opened up many doors into the European market, so there's a lot of potential here - I just hope it doesn't get squandered away. I too don't fully understand the complexities and nuances of our fishery, but the big players (on both sides) here think it's a good deal. The big step now is getting the upfront work in order to maximize the potential gains.

[PoscStudent]

Originally Posted by J_Murphy

This seems like a step in the right direction to me. However, being someone who doesn't understand the complexity of the issues of the fishery in the province (and probably never will), I am not really sure. Seems like whatever is done with the fishery here, it is never good enough. Reading some of the commentary online and the little coverage this is getting in comparison to the NDP fiasco, it doesn't seem to be that big a deal.

IMO, this monumental and an excellent deal for the fishery. The industry are completely onside with the government's negotiations and there have been few people who have disagreed. The only politician to criticize it is Jim Bennett, and that doesn't really mean anything.

Originally Posted by SignalHillHiker

Looks to me like we simply sold lucrative rights for a pathetic, one-time cash payment again. And we're even contributing 30% to the pot.

Elaborate.

[SignalHillHiker]

Well, it's a $400 million investment by Ottawa in exchange for us giving up our minimum processing requirements, which I understand have been important for the fishery here. It's a way to prevent us from being some third world place where big players come in and extract resources with little or no benefit to us, and a way to ensure we get some of the far more lucrative secondary processing action.

We're giving up that right in exchange for a one-time payment of $400 million, of which we're actually contributing 30% ourselves. We're only getting $280 million from Ottawa.

[J_Murphy]

Originally Posted by PoscStudent

IMO, this monumental and an excellent deal for the fishery. The industry are completely onside with the government's negotiations and there have been few people who have disagreed. The only politician to criticize it is Jim Bennett, and that doesn't really mean anything.

Well liberals are just going to oppose anything the PCs do anyway, that is a given.