Canada to Overhaul Safety Rules for Crude Shipments by Train,Create Disaster Fund

摘要

The Canadian government is overhauling its safety rules for crude oil shipments by train, creating a disaster fund and forcing railways to carry more insurance. Oil companies will pay into the fund, which will be used when a railway's insurance can't cover the liabilities in an accident, according to the Safe and Accountable Rail Act introduced in Parliament Feb. 20. The move will add to the oil industry's costs and reduce competitiveness, the Canadian Association of Petroleum Producers said. The industry group was told payments from oil shippers would be capped once the fund reaches a certain size, Greg Stringham, a vice president at CAPP, said in a phone interview from Calgary.