Amendments to the Petroleum Marketing Act come into force (January 10, 2014) The Building New Petroleum Markets Act, which amended the Petroleum Marketing Act, was proclaimed in force on January 10, 2014. The amendments allow the Minister of Energy to provide specific direction to the APMC, based on the public interest and government priorities; modernize and improve the corporate rules under which the APMC currently operates, including giving the government the ability to appoint a board of up to seven directors, including expertise from outside the public service; and clarify financial tools available to the APMC, which could include providing loans or making equity investments in projects, when authorized by the government.”
New act helps Alberta reach energy potential (November 6, 2013)
The Redford government is proposing legislation that will help Albertans get better prices for their energy resources. The Building New Petroleum Markets Act will boost the government’s ability to respond more quickly to changing market conditions and empower it to proactively seek out opportunities for Alberta’s energy products. The legislation allows the Minister of Energy to set APMC strategic priorities.
Collaboration with Indian Oil (October 2013)
An agreement was drafted to initiate a process that could lead to the purchase of Alberta crude oil by the Indian firm, the largest refiner in the country.
“India is the world’s second-fastest growing market for crude oil, and APMC, as a wholly owned Crown corporation, is the type of supplier that is very appealing to Indian Oil, a company partially owned by the government of India,” said Masson. “With our 100,000 barrels per day of capacity on the Energy East pipeline to Saint John, New Brunswick, and its deep water port facilities, APMC is well-positioned to be an effective long-term supplier to this large and rapidly growing market.” APMC CEO Richard Masson
The signing occurred in conjunction with the India-Canada Ministerial Dialogue on energy, a process initiated in 2011 by the countries’ respective prime ministers.
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