CANADA

Bailing out

August 15 1994
CANADA

Bailing out

August 15 1994

Bailing out

The federal and Alberta governments struck a deal to sell for $74 million their shares in the $1.6 billion Lloydminster heavy-oil upgrader to their two partners in the facility, the province of Saskatchewan and Husky Oil Ltd. of Calgary.

The two governments said they had lost nearly $1 billion in the upgrading megaproject, an election promise made during the 1988 federal campaign by Brian Mulroney’s Tories.