Oil-price drop impact on Canada lessened thanks to foreign ownership

Finance department memo says foreign ownership of energy sector higher than reported by StatsCan

By Dean Beeby
CBC News
Published on May 31, 2015 5:00 AM ET

Canada has been partly insulated from the sharp drop in oil prices because so much of the energy sector is foreign owned, says an internal Finance Canada document.

The Feb. 20 memo says up to half of Canada’s oil and gas sector is owned by foreign investors, higher than reported by Statistics Canada using different calculations.

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