Top News Today/Canada: Government Designates Pipeline as Project of National Interest

HEADLINES

Oil Pipeline Tapped as First Project of National Interest Under New Building Rules

A planned oil pipeline to Canada's west coast is the first major project to earn national interest status under Prime Minister Mark Carney's efforts to accelerated approval for nation-building developments that will strengthen the country and pivot it away from a reliance on the U.S.

The official listing for the Pacific Link project kickstarts a process to clear the way to get shovels in the ground as the government looks to promote major developments that will bolster the economy and lessen Canada's dependence on trade with its southern neighbor.

The pipeline would allow Canada to export an addition 1 million barrels of oil a day to Asia, which Carney said would materially reduce dependence on the U.S., which currently brings in about 90% of Alberta's oil. The province estimated earlier this year that the project would cost at least C$35.2 billion and would be completed between 2032 and 2034.

Premium Brands Board Okays Repurchase Program for 1 Million Shares

Premium Brands Holdings plans to buy back up to 1 million shares for cancellation over the course of a one-year period.

The specialty food manufacturing and differentiated food distribution company said it plans to seek Toronto Stock Exchange approval of its plan to launch a normal course issuer bid.

Shares have been under pressure in 2026, falling about 30% since the start of the year to C$70.88.

The value of the shares intended for buyback at the current share price would be worth about C$70.9 million.

Additionally, Premium Brands said that it remains committed to its noncore asset and investment monetization plan which seeks to reduce its leverage while maintaining financial flexibility to pursue longer-term growth plans.

Sigma Lithium Shares Drop After Lawsuit Causes Suspension of Brazil Mining Ops

Sigma Lithium shares dropped after the company said all of its mining and industrial production was temporarily suspended Wednesday.

The stock declined 15.2% to settle at C$11.75.

In early September, the lithium producer said a preliminary judicial ruling in Brazil purported to suspend its environmental licenses, though it vowed to fight the ruling. The preliminary ruling included a provision for a daily fine that would be due in the event of a final negative ruling, as well as other provisions that also would take effect only once the full legal process has been completed, possibly in multiple years, the company said.

The company said the suspension is a result of an atypical 15-day delay by the Federal Court of Appeals in reviewing its legal defense.

Mountain Province in Restructuring Deal That Will See De Beers Get Stake in Diamond Mine

Mountain Province Diamonds will offload its stake in the Gahchko Kue diamond mine in northern Canada to partner De Beers as it looks to strengthen its finances after a slump in diamond prices over the last year.

The Canadian company said it entered a consensual restructuring deal with De Beers Canada, Dunebridge Worldwide, the lender under the its junior and bridge credit facilities, and bondholders.

The deal will see De Beers obtain Mountain Province's 49% stake in the mine in the Northwest Territories in satisfaction for the company's share of the decommissioning, reclamation and environmental clean-up costs at the mine, as well as all other debts owed to De Beers.

WSP Global Agrees to Acquire GCM Corpo

WSP Global has agreed to acquire Canadian engineering consultancy firm GCM Corpo, expanding its energy platform in Canada.

The Montreal-based engineering, science and infrastructure solutions firm said that the proposed acquisition of GCM Corpo supports several priority growth areas aligned with the company's broader strategic plan.

It said the acquisition will expand its core engineering consulting business and broaden access to clients in the energy and industrial sectors, including original equipment manufacturers.

WSP also expects the acquisition to strengthen capabilities in process engineering, industrial digitalization, operational technology cybersecurity, project and construction management, project procurement, detailed engineering and environmental services.

Anaergia in Deal to Sell Non-Core Assets

Anaergia is selling non-core assets in North Carolina and Rhode Island as the technology company works to bolster its earnings and strengthen its balance sheet.

Anaergia, which is focused on converting organic waste into renewable natural gas, fertilizer and clean water, said Thursday it entered a definitive agreement to sell the assets of Charlotte Bioenergy Facility and its interests in the Rhode Island Bioenergy Facility.

About C$20 million of project-level debt will be removed from Anaergia's balance sheet. In exchange, Anaergia said it has received about C$9 million of equity in the buyer, a privately held company.

Enerflex Secures 450MW Data Center Contract, Boosts Capacity Investments

Calgary-based energy infrastructure company Enerflex has won a contract to supply 450 megawatts of natural gas power generation for a North American data center developer.

Under the terms of the deal, Enerflex will design, engineer and build behind-the-meter natural gas-fired power generation units across its North American manufacturing facilities, with deliveries scheduled between 2027 and 2028.

The award comes as big tech companies race to build out digital infrastructure across the U.S. to support surging demand for artificial intelligence and cloud computing needs. As a result, to avoid critical bottlenecks many companies are seeking to bypass local electrical utility grids and regional transmission interconnections to supply their own power needs.

TALKING POINT

Carney Puts Oil Pipeline at Center of Bid to Keep Alberta in Canada

By Amanda Coletta

TORONTO-Weeks before a referendum on Alberta's future in Canada, Prime Minister Mark Carney on Thursday sought to strengthen ties with the province by designating a proposed oil pipeline to the Pacific coast a "project of national interest," a move that speeds its regulatory approval process.

Separatists in the oil-rich prairie province have pointed to longstanding disaffection with the federal government's energy and climate policies, which they say have constrained the oil-and-gas industry, as a key reason they champion independence. The province will vote on Oct. 19 on whether to stay in Canada or to start the process of holding a second, binding referendum on leaving.

"The demonstration of today's announcement is Canada's working," Carney said at a news conference in Fort McMurray, in the heart of Alberta's vast Athabasca oil sands. "We came together, we looked at an opportunity and this opportunity is unlocked by Canada as a whole."

Alberta Premier Danielle Smith, who called the referendum after hundreds of thousands of Albertans signed petitions seeking a vote on the province's future, has cast the pipeline as a test of whether Canada's federal system can work. Smith, who supports Alberta staying in Canada, has said she hopes Ottawa's support for the Pacific Link pipeline, which aims to carry 1 million barrels of oil a day from Alberta to the British Columbia coast, will strengthen her case.

"I know there's always going to be issues where we might have some disagreement, but the approach that I've seen the government of Canada take is one where they genuinely want to identify problems and genuinely solve them," she told reporters. "I think that's going to demonstrate that Canada can work."

Since taking office, Carney has pledged to build infrastructure "at speeds not seen in generations" and to transform Canada into an "energy superpower" as part of an effort to spur economic growth and reduce reliance on the U.S. by moving goods to Europe and fast-growing markets in Asia. Almost all of Alberta's crude is now exported to the U.S.

Carney's support for oil and gas projects marks a departure from the policy of his predecessor, Prime Minister Justin Trudeau, also a Liberal, whose critics said he prioritized curbing greenhouse gas emissions over oil and gas development. It is also a shift for Carney, a former U.N. special envoy on climate action and finance, who once warned pipelines risked becoming stranded assets.

Earlier this year, Carney said his government needed to pivot from Trudeau's climate plan, which "was well-intentioned and well-suited for the times in which it was designed," but "was not sustainable over the long term" or in a world where countries are seeking alternative energy sources to those in the Middle East amid the war in Iran.

"The question is: who will emerge as the world's trusted suppliers?" he said Thursday. "It should be us. It must be Canada."

Alberta is home to the world's fourth-largest proven oil reserves.

Polls show a minority of Albertans support a second referendum on separation. An Ipsos poll last week found 70% back staying in Canada. But the outcome could ultimately hinge on turnout, and some analysts say separatists might be more motivated.

Carney and Smith completed a deal to approve the pipeline, now dubbed Pacific Link, in July. As part of the agreement, Canada exempted Alberta from certain federal environmental policies, and the province agreed to a more stringent carbon levy on its energy producers and to build a carbon-capture and storage facility.

Carney had initially said that the pipeline would be built and financed by the private sector. But officials have since said that Canada and Alberta will hold equal ownership. Calgary-based Pembina Pipeline PPL will hold a 10% interest in the project and equity will also be reserved for indigenous groups, they said.

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October 01, 2026 16:30 ET (20:30 GMT)