​One year later most oil and gas bailout money has moved, federal government says

Image: Encana

OTTAWA — Canada's $1.6-billion bailout package for Alberta's battered oil industry is well underway but with little transparency about who is getting the money and for what.

Almost $1 billion of the package of loans, guarantees and government grants announced last December is in the hands of companies but details are available for just a small fraction of the spending.

Two Alberta petrochemical projects each received $49 million for new facilities to turn propane into a type of plastic, while about $37 million flowed to various oil and gas companies to develop or buy technology to reduce their environmental impact.

Export Development Canada, which set aside $1 billion in the national bailout for loans and loan guarantees, said earlier this year it was getting out of the coal business but would continue to aid oil and gas companies.

© 2019 The Canadian Press

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