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Premier not satisfied with Trudeau Government’s $1.6B for the oilpatch

Dec 19, 2018 | 5:44 AM

EDMONTON- The province and the energy industry say Ottawa’s 1.6 billion-dollar aid package will not fix the problem hurting the ailing oilpatch.

Premier Notley says the industry is facing low prices because it can’t ship enough oil to foreign markets so the Trudeau government needs to fix the pipeline bottleneck and help get more crude to ports by railway.

United Conservative Party Leader Jason Kenney says the money is too little, too late for families.

Randy Ollenberger, who covers major oil and gas firms for B-M-O Capital Markets, says the programs will likely be used only by very small companies.

Tim McMillan, C-E-O of the Canadian Association of Petroleum Producers, says the industry didn’t ask for the aid package.

He says federal legislation needs to be redrawn that would change how energy projects are approved because it is scaring away investment.

McMillan says the industry would also like the Ottawa to express support for oil pipelines, including cancelled projects such as Energy East and Northern Gateway.

The federal support package includes a billion dollars for oil and gas companies to make capital investments and purchase new technology, and there is cash for smaller firms and for clean growth and infrastructure projects.

(The Canadian Press)