Canada’s battered energy industry will get a $1.6-billion boost from Ottawa on Tuesday to try to slow the political and economic bleeding.
Natural Resources Minister Amarjeet Sohi and International Trade Diversification Minister Jim Carr will be at the Northern Alberta Institute of Technology in Edmonton to unveil a support package for oil and gas companies, which are reeling from record-low oil prices.
The funds will be divided among several different programs, including money to help companies invest in clean growth, loans, and other financial supports to help companies find new markets away from the United States, as well as investments in training and new technology.
It is a package based, in some ways, on those offered to softwood, steel and aluminum producers after the United States dealt them direct blows with new import tariffs.
With pipelines at capacity and some major refineries down for maintenance this fall, the price for Alberta crude plummeted in the fall, hitting a panic-inducing $11 a barrel in late November.