Enbridge Beset by Scallop Farmers, Cenovus Releases 2013 Investment Plans: Energy Biz Update
The endeavors by Enbridge (NYSE:ENB) to link the oil sands of Canada with Asia have run afoul of aboriginal scallop farmers near Prince Rupert, British Columbia. The city is a port for ships to load grain and coal transported by rail from Canada’s interior, and is also in an area in which the communities are expanding shellfish farming and ecotourism, according to Executive Director Art Sterritt of Coastal First Nations, which wants to develop an economy based on renewable resources. The group will block and attempt to bring oil tankers into the area, says Sterrit.
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DAQO New Energy Corp. (NYSE:DQ) on Wednesday said that the ratio for its ordinary shares to American Depositary Shares will be modified from one ADS representing five ordinary shares, to one ADS representing 25 ordinary shares. The effective date is expected to be on December 21st. Shares of the leading polysilicon manufacturer based in China popped on the news.
Shares of the Chinese solar manufacturers Yingli Green Energy Holdings Co. (NYSE:YGE) and Trina Solar Limited (NYSE:TSL) popped after three separate reports said that the government is granting financial support for an industry beset with slumping prices. Thus far in 2012, China allocated 13 billion yuan, or $2 billion, in subsidies for domestic solar companies, according to the Xinhua News Agency.
Cenovus Energy (NYSE:CVE) said Wednesday that it will invest between $3.2 billion and $3.6 billion next year in its oil assets, as it continues to concentrate upon growing output, building on its successful capital program of the current year.
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