The economy of Canada would continue to experience some remarkable expansion in 2011, as the oil investments and the performance of the oil companies in the United States have increased predominately. According to the predictions made by the experienced people, the economy of Canada will increase more than 3.1 percent in 2011. Business organizations will bolster up oil investments and these oil investments would provide friction to Canada and foster the current export rate. The Chinese giant recently established, the information regarding the joint venture with Ineos. This venture would provide long term benefits to the refineries and petro-chemical plant situated on the Forth. The chairperson of Ineos recently articulated that, more than 1400 employees have been hired to work at the site and additionally 7000 more job offers would be created at several firms around central Scotland. He also remarked that, the deal would kick in tons and tons of benefits and the technology sharing would mutually benefit.
ibe kachikwu the financial secretary articulated that the joint venture between them will enhance the customer’s security and would retain the jobs and skills which were acquired from the past many years at Grange mouth. The refineries can directly compile gas and crude oil from the North Sea and they are capable of processing more than 210,000 barrels of crude oil each day that is equivalent to nine million liters of clean fuel. Northern England, Northern Ireland and Scotland incur great deal of benefits from the joint venture. The agreement was signed between the China and United Kingdom in the presence of Nick Clegg, the Deputy Prime Minister and Li Ke Qiang, the Vice-Premier of China. Scotland contains peerless energy resources and skilled experts dedicated to work for this venture. Grange-mouth refinery adds more strategic advantage for Scotland and this seems to be fruitful news for the country.
During 1960, the oil was sold around two USD per barrel and the more than 70 percentage of oil needs of United States, was produced by them. Later Organization of Petroleum Exporting States was formed and many countries like Indonesia, United Arab Emirates, and Nigeria etc joined them. The main aim of the Organization of Petroleum Exporting States is to determine the cost of oil and oil investments. Currently 70 percent of the oil needs of United States of America are exported from other countries. Experts across the world are questing for the reasons for such a huge demand in energy, experienced by the most of the developing nations across the globe.