ANNOUNCEMENT 09 Jan 2014In January 2014, the government of Canada (Province of Alberta) announced a change in private-sector financial support.
NUMBER OF INTERVENTIONS
In addition to the hyperlinked order see http://www.calgarysun.com/2014/01/10/alberta-head-of-canadian-taxpayers-federation-levels-criticism-against-government-decision-to-give-up-to-1-billion-to-the-redwater-refinery-project.
In an Order in Council (O.C. 6/2014) approved on January 9, 2014, the Lieutenant Governor in Council of the Canadian province of Alberta authorized the Alberta Petroleum Marketing Commission to directly or indirectly purchase shares, make a loan of money or enter into a joint venture or partnership or guarantee the obligations of any person for the purpose of financing the North West Redwater (Sturgeon) refinery. Alberta Energy spokesman Mike Feenstra was quoted in the press stating that the amount of taxpayer dollars committed to the project is actually expected to be $300 million. The decision was criticized by the Canadian Taxpayers Federation, which called it little more than 'corporate welfare.'
The GTA includes state guarantees and other financial incentives that are likely to affect the restructuring and performance of firms facing international competition, whether from imports, in export markets, and from foreign subsidiaries.