Wednesday, January 16, 2008

 

Premier Releases Copies of Letters to and from Prime Minister

Premier Releases Copies of Letters to and from Prime Minister

The Honourable Danny Williams, Premier of Newfoundland and Labrador, today released copies of the following correspondence to and from Prime Minister Harper:

Letters from Premier Williams to the Prime Minister
# December 3, 2007
# December 11, 2007
# December 18, 2007
# January 3, 2008
# January 16, 2008

Letter from the Prime Minister to Premier Williams
# January 15, 2008

Calgary-based CHHC owns an 8.5 per cent share of the Hibernia oilfield on behalf of the federal government. When Gulf Canada Resources pulled out of the offshore project in 1993, Ottawa, Murphy Oil and Chevron bought in. By 2002, Ottawa’s $430-million investment in Hibernia was repaid.

To date, the federal government has reaped $678 million in profits from the Hibernia oilfield, according to CHHC’s 2006 annual financial report. Last year, the company paid dividends of $174 million to the federal government. That’s down from $231 million in 2005.

http://www.thetelegram.com/index.cfm?sid=47366&sc=82

By the end of 2006, Hibernia had poured $1.2 billion into Newfoundland's coffers.

But the project has also generated $8.8 billion for the consortium of oil companies behind it and another $4.8 billion for the federal government, according to provincial figures.


http://www.cbc.ca/canada/newfoundland-labrador/story/2007/11/15/hibernia-decade.html

According to the federal Finance Department, Ottawa has made a profit of close to $300 million since paying off its initial investment, which is controlled by a federal Crown corporation called Canada Hibernia Holding Corporation, based in Alberta.


http://www.theindependent.ca/article.asp?AID=920&ATID=2

Calgary-based CHHC owns an 8.5 per cent share of the Hibernia oilfield on behalf of the federal government. When Gulf Canada Resources pulled out of the offshore project in 1993, Ottawa, Murphy Oil and Chevron bought in. By 2002, Ottawa’s $430-million investment in Hibernia was repaid.

To date, the federal government has reaped $678 million in profits from the Hibernia oilfield, according to CHHC’s 2006 annual financial report. Last year, the company paid dividends of $174 million to the federal government. That’s down from $231 million in 2005.


http://www.thetelegram.com/index.cfm?sid=47366&sc=82

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