By Paul Vieira
OTTAWA--Canada's Finance Minister says the country wants to capitalize as a trusted source of oil, gas and electricity as it anticipates a global restructuring in energy trade following the conflict in Iran.
François-Philippe Champagne said that it appears clear based on conversations in recent days with his Group of Seven peers that "there will be a redesign of the energy architecture around the world. People are learning from what is going on now, countries will want to be more resilient, they will want to diversify."
He told reporters in a virtual conference call from Paris that building new trade corridors, from liqueified natural-gas export terminals to a possible crude-carrying pipeline, are key priorities for his Liberal government, as it seeks to wean the economy's dependence off trade with the U.S. to drive growth.
He said this represents a grand opportunity to show that Canada can play a bigger role as an energy supplier globally. "The fact that Canada is doubling down on our effort to build more capacity to support our allies both in Asia and in Europe is certainly welcome," Champagne said.
Last week, Prime Minister Mark Carney and Alberta Premier Danielle Smith struck a deal that sets the stage for federal backing for a new pipeline connecting the western Canadian oilpatch to the Pacific coast, where crude oil from Alberta could be loaded on tankers destined for faster-growing Asian markets. Carney's support for the pipeline remains conditional on certain thresholds being met -- among them the construction of a multibillion-dollar carbon capture and storage project.
Canada accounts for about 10% of the world's proven oil reserves, trailing only Venezuela and Saudi Arabia. However, investment in the Canadian energy sector has tapered off dating back a decade, which energy executives partly attributed to environmental policies under former Prime Minister Justin Trudeau.
Write to Paul Vieira at paul.vieira@wsj.com
(END) Dow Jones Newswires
May 19, 2026 11:36 ET (15:36 GMT)
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