OIL: Canada Eyes More Routes to Ship Oil to China: Bloomberg
Canada’s oil industry has long pushed for more pipeline capacity, both to its own coasts and to the US, no receiving more interest in the wake of Trump’s tariff threats, Bloomberg said.
- Previous calls for new pipelines beyond the recent TMX expansion have been thwarted by environmental groups and indigenous communities.
- Two mothballed projects are being discussed as ripe for revival, Bloomberg said. These are the 1.1m b/d Energy East, carrying oil from western Canadian east to refineries in Ontario and Quebec, and 525k b/d Northern Gateway, moving Alberta oil to a Pacific port in British Columbia.
- Canada’s government should declare an energy emergency to streamline the regulatory process for Energy East and Northern Gateway, start building them in the coming months and complete them while Trump is still in office, Adam Waterous, founder and chairman of oil producer Strathcona said.
- Enbridge said Feb. 3 it has no plans to develop Northern Gateway and is instead focusing on increasing capacity on pipelines it already has in place.
- Even with company support, pipelines could still take years to build.
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US-JAPAN: Ishiba Calls For US Steel Review, Warns Of Future Investment Concens
Japanese firm Nippon Steel filed a lawsuit challenging US President Joe Biden for exercising "unlawful political influence" over a proposed USD$14.9 billion acquisition of US Steel. The decision to block the acquisition, formalised by Biden on Friday, threatens to drive a wedge between the two countries - each other’s top foreign investors.
- Nikkei reports: “Nippon Steel asked the court to set aside Biden's order... and to instruct the Committee on Foreign Investment in the United States (CFIUS) to conduct a new review of [the deal]”.
- Japanese Prime Minister Shigeru Ishiba told reporters today: "It is unfortunately true that there are concerns being raised within Japan's industrial world over future Japan-US investment… It's something we have to take seriously."
- Ishiba added: "...we will strongly call on the US government to take steps to dispel these concerns… They need to be able to explain clearly why there is a national security concern, or else further discussions on the matter will not work,"
- US President-elect Donald Trump said in a statement on Truth Social a short time ago: "Why would they want to sell U.S. Steel now when Tariffs will make it a much more profitable and valuable company?"
- The US Chamber of Commerce noted that Japanese investment supports nearly one million American jobs, warning the decision "could have a chilling effect on international investment in America.”
EGB SYNDICATION: New 30-Year SLOREP: Mandate
"The Republic of Slovenia, rated A3 (positive) / AA- (positive) / A (stable), has mandated Deutsche Bank, Erste Group, Goldman Sachs Bank Europe SE, HSBC, J.P. Morgan and OTP Banka Slovenia to lead manage a new benchmark EUR transaction with a 30-year tenor."
- "The deal is expected to be launched in the near future, subject to market conditions" (all details per Bloomberg)
- We expected a Slovenia syndication this week and saw scope for a 30-year SLOREP to be launched some time this year.
US TSY OPTIONS: Large Mar'25 10Y Put Buy
- +100,000 TYH5 106 puts, 14 ref 108-18.5 - total volume just over 105,900
