Canada’s oil sector gets Government aid with export development loans

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Canada’s oil sector, hurt by low prices and a lack of pipeline capacity to get its product to new overseas markets, received Can$1.6 billion (US$1.2 billion) in government aid on Tuesday.

Natural Resources Minister @SohiAmarjeet says “when Alberta hurts, so does Canada,” before confirming more than $1.6-billion to help the struggling oil and gas sector. #canadaoil

The federal monies include direct aid and export development loans to help the sector “diversify export markets for its resources beyond the United States,” according to a statement.

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