CAPP statement – federal government announces additional financing to support Canadian businesses

May 11, 20205:32 PM BOE Report Staff

In the oil and natural gas sector, as in other sectors of business, companies are facing a critical situation driven by COVID-19. Additional financing announced today by the federal government is welcome news. Our industry is still waiting for more details about the roll out of the program, but this much needed loan support is critical at this time for major employers to survive and keep Canadians employed. As recovery begins, we need to ensure capacity still exists for our companies to help rebuild the economy, including by rapidly deploying capital and getting people working in shovel-ready projects. The oil and natural gas industry is an essential part of the Canadian economy, a leader in environmental innovation, and should play a major role in economic recovery as we move forward. Let’s keep businesses healthy, Canadians working and position the country to recover as quickly as possible. -Tim McMillan – President and CEO, Canadian Association of Petroleum Producers