$1B loan guarantee rapped
EDMONTON — Alberta’s official Opposition says a $1-billion loan guarantee from the government to a refinery project shows poor business judgment.
Wildrose party critic Jason Hale says the money is at risk because the project has already hit cost overruns and delays at a time when other refinery developments are being mothballed.
On Friday, Premier Alison Redford’s cabinet agreed to put up $1 billion in provincially backed loans or other guarantees for the $8.5-billion North West Redwater refinery project near Edmonton.
Hale says North West Upgrading Inc. has donated more than $36,000 to Redford’s Progressive Conservative party since 2008.