Alberta Premier Danielle Smith has signed a deal with South Korea to remove a 3 percent tariff on the province’s exports of crude oil to the country.
Smith said the agreement could significantly expand market access for Alberta producers, projecting exports to South Korea could rise to as much as 33 million barrels per year, generating up to $1 billion annually in additional export value.
The announcement comes as Alberta continues to benefit from expanded pipeline capacity following the completion of the Trans Mountain Expansion (TMX) project in May 2024, which linked Edmonton-area infrastructure to export facilities in Burnaby, B.C., and increased Canada’s access to Asian markets….