New Ukraine ambassador calls European energy crisis an opportunity for Canada

·1 min read

CALGARY — Ukraine's new ambassador to Canada says Canadian oil and gas companies can help in the fight against Russia by entering and expanding into the European market.

Yulia Kovaliv made the remarks at an energy industry conference in Calgary, one day after presenting her credentials to Gov. Gen. Mary Simon in Ottawa and formally assuming the ambassadorship.

Kovaliv says Europe needs Canadian energy to help replace the barrels that will be lost by 2023 when an EU embargo on Russian oil comes into effect.

The U.S. Energy Information Administration says Russian oil production is expected to fall around 18 per cent from 11.3 million barrels a day to 9.3 million barrels a day by the end of next year.

EIA statistics show Russia was exporting 7.8 million barrels per day of crude oil at the end of last year with 60 per cent of those exports going to Europe.

Kovaliv says replacing those barrels will be a major challenge for Europe and could be an opportunity for Canada.

This report by The Canadian Press was first published June 8, 2022.

The Canadian Press

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