Federal oil riches not for sale, says Canada - March 28, 1999

Providing coverage of Alaska and northern Canada's oil and gas industryMarch 1999

Vol. 4, No. 3

Week of March 28, 1999

Federal oil riches not for sale, says Canada

Canada’s Finance Minister Paul Martin said the federal government is in no hurry to sell its remaining oil and gas assets while oil prices remain low.

The government holds 18 percent of former state-owned Petro-Canada and 8.5 percent of Newfoundland’s Hibernia offshore oilfield, plus its share of Petro-Canada’s 8.5 percent stake in Hibernia. The assets have a combined value of about C$1.4 billion.

Martin said the government will “obviously be a seller at some point ... but only when we can do the best for the Canadian taxpayer.”

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