The Canadian government announced C$1.5-billion in loans for the oil and gas sector, as well as some government funding for unspecified projects, after a supply glut sank heavy crude prices to as low as $13.46 a barrel last month.
The country’s Energy and Trade Ministers announced the aid Tuesday morning in Edmonton. It includes “commercial financial support” loans of C$1-billion from Export Development Canada, and C$500-million in commercial financing from the Business Development Bank of Canada. While the funds are available immediately, the package was criticised as insufficient by Alberta’s premier.