New briefing report by ForestEthics Advocacy questions who is really
benefitting from Harper's pro-oil policies.
TORONTO, May 10, 2012 /CNW/ - An in-depth review of shareholder
information from Bloomberg shows that 71 per cent of all tar sands
production is owned by non-Canadian shareholders. Supposedly Canadian
companies (with Canadian headquarters and accounting practices who
trade on our stock exchanges) are largely owned by foreign interests,
including Suncor (56.8%), Canadian Oil Sands (56.8%), Nexen (69.9%),
and Husky Energy (90.9%).
"What foreign funding should Canadians be worried about?", asks Tzeporah
Berman Co-founder of ForestEthics. "With the majority of profits from
tar sands operations flowing to foreign companies, we need to ask in
whose interest is the Government of Canada under Prime Minister Harper
According to Statistics Canada, the report briefing points out that the
oil and gas sector in Canada has nearly two times the amount of foreign
investment compared to the Canadian average. Over half (51.1%) of all
oil and gas operating revenue in Canada goes to foreign entities
compared to the national average of 28.5%.
"For who's benefit is the Harper regime governing?", asked Clayton Ruby,
Director of ForestEthics Advocacy. "We need foreign investment and
shareholders, but not at the cost of democracy, our economy, our
environment and future generations."
The briefing report, Who benefits? An investigation of foreign
investment in the tarsands, also highlights that despite Canada
producing 2.8 million barrels of oil per day (2010), more than enough
oil to meet Canada's oil demand, Canada imports 43% of the crude oil
used in the country, mostly from Algeria, Iraq, Saudi Arabia, Nigeria,
Venezuela, the UK and Norway. This is because Canada exports 1.1
million barrels of oil per day to the United States (2010).
"The Conservative Harper government's cut, gut and shut-up approach to
environmental reviews and fisheries legislation is fueled entirely by
oil," said Nikki Skuce, Energy Campaigner with ForestEthics Advocacy.
"This federal government is increasingly ruling in favour of oil
companies and foreign interests instead of Canadians."
To download a copy of the full report see http://forestethics.org/downloads/FEA_Tar_Sands_funding_briefing.pdf.
For further information:
contact Nikki Skuce at 778-210-0117.