Feds to sell Petro-Canada
OTTAWA, (March 23, 2004) — Finance Minister Ralph Goodale announced today that the federal government will sell its 19 per cent stake in Crown corporation Petro-Canada.
The announcement, which comes the morning before the government unveils its first budget under Prime Minister Paul Martin, is expected to create a $3 billion windfall.
Analysts predict the money could help fund pre-election promises that won’t be covered in the budget.
The Calgary-based oil company’s stock price surged to all-time highs of $70 at the beginning of this year but fell back below $60 recently when Petro-Canada cut its proven energy reserves by five per cent and predicted a drop in production.
— from Canadian Press
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