The Federal Government has announced a financial aid boost to Alberta’s energy sector to back the struggling oil and gas industry.
In a press conference this morning at NAIT in Edmonton, Minister of Natural Resources Amarjeet Sohi announced $1.6 billion in funding to help oil companies hit hard by plummeting crude oil prices.
The money is available immediately and will be divided into several programs. They will help companies invest in clean growth, loans, and other financial support. The money will also help programs invest in training and technology, and help companies find new markets away from the US.
$1 billion is being used for commercial financing initiatives for exporters of all size, plus an additional $500 million in commercial financing for smaller oil and gas businesses.
Another $50 million will come from Sohi’s Clean Growth Program to support oil and gas projects.
The funding move comes after dozens of pro-pipeline rallies have been held across Alberta over the last week, calling on Ottawa to do more to help the oil crisis.