Canada allocates 1,200 million dollars to help the oil sector

The Government of Canada announced today that it will allocate 1,600 million Canadian dollars (1,200 million US dollars) to help the oil sector in the west of the country.

The aid will be channeled in the form of export loans with the objective of helping the sector of the province of Alberta, which sells practically all of its production to the United States.

In recent months, the price of oil produced in the oil sands deposits of Alberta has experienced a sharp drop due to the lack of diversification of its markets.

The Government of Alberta has been trying for years to expand an oil pipeline connecting the oil fields of the province with the Pacific coast, Trans Moutain, to sell oil to Asia and diversify its export markets.

But the province of British Columbia, indigenous communities and environmental groups have opposed the expansion of the pipeline, blocking the oil output.

In May, Ottawa announced the purchase of Trans Mountain to ensure construction of the expansion but the project remains frozen by the country’s courts.

The Government of Alberta estimates that it is losing 80 million Canadian dollars (60 million US dollars) a day due to the fall in the price of oil.

The Canadian province decided in early December to impose a 9% reduction in oil production to increase the price of a barrel of the Western Canadian Select (WCS).

Alberta has also announced the purchase of 7,000 tank cars to increase the distribution capacity of crude oil.


Please enter your comment!
Please enter your name here


Trump vetoes business with foreign firms such as Huawei to prevent espionage

 WASHINGTON - President Donald Trump on Monday declared a national emergency to prohibit US companies from using telecommunications equipment manufactured by companies that allegedly...

Taliban Say US Report on Al Qaeda Ties Based on “False Information”

The Taliban have "firmly" rejected the latest report from the United States Government on the presence of the terrorist organization Al Qaeda in Afghanistan...

Two million dollars worth of heroin seized in a raid in New York

The New York Anti-Drug Unit (NYDETF) arrested 10 people and seized $ 2 million worth of heroin in a raid on the Bronx's New...

Ten hours of line to ride the new roller coaster of Universal Orlando

Up to ten hours must wait for the visitors of the theme park Islands of Adventure, Universal Orlando Resort, to get on a new...

At least 2 dead and 4 injured in a shooting at a university in Charlotte

 Washington - At least two people were killed and four others were wounded in a shooting on Tuesday at the University of North Carolina...