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Canada: Alberta shrugs off royalty increase warnings

THE ALBERTA government has passed legislation to overhaul its oil and gas royalty regime from 1 January, rejecting last-minute industry pleas for delays or concessions. Against claims that Alberta is losing ground as the country's traditional petroleum stronghold, the province's energy minister, Mel Knight, said: "The new framework will give Alberta the tools to create opportunities for investment and job creation." He argued that the "recent volatility of commodity prices shows how our new sliding-scale royalty rates for our non-renewable resources are well-suited to the changing times". The regime raises conventional oil royalties from 25% when the price of crude is C$55 ($46) a barrel, t

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