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Gold/Mining/Energy : Lundin Oil (LOILY, LOILB Sweden)
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To: Tomas who wrote (2562)6/23/2001 1:39:19 PM
From: Tomas  Read Replies (1) of 2742
 
OT: Petro-Canada hungry for state stake
Upstream, June 22
Dann Rogers

Petro-Canada's boss has asked the federal government to sell half of its remaining 18.5% stake in the firm back to the Calgary-based integrated company.

The federal government created Petro-Canada in 1975 as a "window on the industry" but has been cutting its stake incrementally over the last decade.

Petro-Canada's chief executive Ron Brenneman said the company is sitting with a cash reserve of about C$2 billion ($1.3 billion), roughly equivalent to the value of the government's 49 million shares of the firm. "If they decide to put their interest on the block, because of the cash position we have, we would be interested in taking perhaps up to half of it," he said at an investment conference in Calgary this week.

Last week the federal government passed legislation that alters the ownership limits on the former Crown corporation. The new law eliminates restrictions that prevented non-Canadians from holding a total of more than 25% of the company. The legislation also doubles individual ownership limits to 20%.

Industry analysts have speculated these moves would let Ottawa follow through on its promise to sell the remaining Petro-Canada shares while maximising return for shareholders. They say now is a good time to sell given high commodity prices as well as strong refining margins.
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