BUSINESS

Oil Sands And Foreign Money: ForestEthics Says Foreign Money Dominates Oil Patch

05/10/2012 02:29 EDT
CP

An environmental group that has come under fire for its anti-oilsands work is pointing out how many of the benefits of Canada's energy industry flow outside the country.

ForestEthics Advocacy, which recently gave up its charitable status, says nearly three-quarters of oilsands production is foreign owned.

It says more than 40 per cent of the profits from oil and natural gas in Canada goes to foreign-owned companies.

That's more than twice the average of all other sectors in the Canadian economy.

The group says the federal government should manage the energy industry for the benefit of Canadians, not foreign investors.

ForestEthics Advocacy has also been criticized for accepting foreign funding.

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