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Article: Canada takes steps to reduce limits on foreign investment in oil projects.
- Article from:
- The Oil Daily
- Article date:
- March 24, 1993
- Author:
CopyrightCOPYRIGHT 1993 Energy Intelligence Group. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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OTTAWA -- The Canadian government is finally taking steps to make good on its year-old promise to allow U.S. and other foreign oil companies to invest directly in the Canadian energy frontiers of the Arctic and Atlantic coast.
Energy Minister William H. McKnight introduced legislation in the Canadian Parliament this week that would repeal existing laws that restrict foreign ownership in frontier energy projects to less than 50%.
"If we had continued the Canadian ownership requirement, we would have frustrated willing investors who would wish to participate in Canadian frontier energy projects," McKnight said.
Former Energy Minister Jake A. ...