WASHINGTON (Pakistan Point News / Sputnik - 19th December, 2018) The Canadian government will invest $1.1 billion in Canada's oil and gas sector to diversify the country's energy exports beyond those set for the United States, the Ministry of Natural Resources said in a statement on Tuesday.
"The government of Canada today announced more than $1.6 billion to support jobs and workers in Canada's oil and gas sector, as [the country] seeks to diversify export markets for its resources beyond the United States," the statement said.
The Ministry of Natural Resources explained that the steps are designed to support workers and their families, develop competitiveness and improve the long-term environmental performance of the oil and gas sector.
Among other measures, Ottawa is investing $1 billion from Export Development Canada to support the country's exporters and assist them in obtaining technologies or explore new trade markets, the statement said.
Another $500 million would come from the Business Development Bank of Canada to help "higher-risk but viable oil and gas small business enterprises weather the current market uncertainty," the statement added.
The commercial loans can be used to help companies in increasing operational and environmental efficiency, purchasing new technology and equipment and expanding into new markets, according to the statement.
