Canadian government to provide $1.6 billion to its struggling oil sector

Canada’s struggling oil industry will get a $1.6-billion boost from Ottawa to try to slow the political and economic bleeding.

Natural Resources Minister Amarjeet Sohi and International Trade Diversification Minister Jim Carr will be at an Edmonton college campus to unveil a support package for oil and gas companies, which are reeling from record-low oil prices.

A source who provided the figure to The Canadian Press says funds will be divided among several different programs, including money to help companies invest in clean growth, loans, and other financial support to help companies find new markets away from the United States, as well as investments in training and new technology.

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