Friday, April 27, 2007
Talk about jumping on a business opportunity. Only days after the federal government announced its latest plan for climate change, which stipulates 18% reductions in industrial CO2 production by 2010 and the payment of carbon taxes, Norway's Statoil today bought itself $2.2 billion worth of the Canadian oil sands. Interestingly, Statoil leads the world in carbon sequestration technology, and has previous experience in dealing on carbon markets through the EU emission trading scheme. The Norewegian state-owned oil company is one of the fastest growing in the world. Calgary oil tycoon and world's 382nd richest man, Clayton Riddell, (pictured above) and his company Paramount Resources Ltd. will make nearly $1 billion off this deal. Now that's what I call timing the market.