Trudeau Gives Aid to Energy Workers, Hints at Liquidity Help
- Plan has $1.75 billion to clean abandoned wells, cut emissions
- Canada’s energy sector grappling with pandemic, oil price war
Justin Trudeau, Canada's prime minister, speaks during a news conference outside Rideau Cottage in Ottawa, Ontario, Canada, on Tuesday, April 14, 2020.
Photographer: David Kawai/BloombergThis article is for subscribers only.
Prime Minister Justin Trudeau announced a C$2.45 billion ($1.75 billion) aid package for workers in Canada’s energy sector and new liquidity injections for stressed companies that should buttress an industry hammered by plunging oil prices.
The government will provide C$1.7 billion to help clean up abandoned oil and gas wells and spend C$750 million on an emissions-reduction fund, initiatives that will help maintain 10,000 jobs across the country, Trudeau said Friday at a press conference in Ottawa.