Canadian company Pembina Pipeline Corp. says it is going ahead with a $4.5-billion joint venture with Kuwait's Petrochemical Industries Co. to build an integrated propane dehydrogenation plant and polypropylene upgrading facility northeast of Edmonton.
The project to turn propane into plastic will help deliver world prices to land-locked western Canadian oil and gas producers, CBC reported.
The plants' plastic pellets will be sent by rail and shipping containers to manufacturers around the world to be turned into recyclable products used in automobiles, medical devices, food packaging and home electronic appliances.
"Sanctioning of the PDH/PP facility is the largest step taken to date by Pembina in executing its strategy to secure global market prices for customers' hydrocarbons produced in Western Canada, and provides another exciting platform for future growth," said Pembina CEO Mick Dilger in a news release.
Petrochemical Industries CEO Mohammed Abdullatif Al-Farhoud added in the same release that the facility is "ideally aligned with PIC's continued pursuit of sustainable and globally diversified growth."
Trade statistics released by Canada custom shows that the iron ore exports by the country recorded at 3.19 MnT in Jan'19. The exports dropped 7 month low in Jan'19, as it was last seen in Jun'18 at 2 MnT. The exports depicted fall of 35% as compared to Dec'18 exports at 4.9 MnT.
Shares of Mountain Province Diamonds Inc. (TSX and NASDAQ: MPVD) surged on Thursday after releasing its latest mineral resource estimates at the Faraday 2 kimberlite, located within the Kennady North Project, NWT, Canada. The stock rebounded by more than 12% at the open in Toronto, lifting the company's market capitalization to over C$256 million.
Shareholders in US gold giant Newmont Mining (NYSE:NEM) have almost unanimously approved the miner’s proposed $10B takeover of Canada’s Goldcorp (TSX:G) (NYSE:GG), a deal that creates the world’s largest gold producer by market value, output and reserves, robbing Barrick of its recently cemented supremacy.
The total iron ore & pellet imports in CY18 witnessed at 1,342 MnT. Amongst the major importing countries include China, Japan, India, South Korea, and Bahrain.
Canada’s First Vanadium (TSX-V: FVAN) has published indicated mineral resources for its Nevada-based Carlin project, considered the largest, highest grade primary vanadium deposit in North America.
First Cobalt Corp aims to restart an idled cobalt refinery in Canada within two years and is in talks to supply the battery-grade product to four leading automakers, chief executive Trent Mell said on Wednesday.