Canadian Government invests in MEG Energy
The Canadian federal government has announced it is to invest CA$8mn (US$5.95mn) in oil sands producer MEG energy.
The investment is part of the government’s $155mn “Clean Growth Program”, which seeks to invest in clean technology research and development in the energy, mining and forestry sectors.
The investment is specifically for a clean technology demonstration project which is said to have the potential to “cut greenhouse gas emissions by 40 percent.”
- Imperial Oil’s CA$2.6bn oilsands project to go ahead
- Husky Energy reaffirms intention to buy MEG following offer rejection
- Husky Energy offers CA$6.4bn for MEG Energy
- Read the latest issue of Business Chief, Canada edition, here
Amerjeet Sohi, Canada’s Minister of Natural Resources, said that the Canadian government “supports clean technology projects that are helping companies extract resources using less water and less energy, while emitting less pollution.” He continued by saying that “this is not just better for the environment — it’s a major competitive advantage that will create jobs and grow the economy."
The spirit of reducing emissions while simultaneously boosting economic output could also be seen in the words of Jeremy Gizen, Vice President of Subsurface Operations, Regulatory and Environment at MEG, who said that at MEG they believe they “have the potential to further reduce our environmental impact and enhance both the economic and social competitiveness of our product.”