Sale of Terasen Gas

Ms. Libby Davies (Vancouver East, NDP): – Mr. Speaker, under Liberal and Conservative governments, more than 11,000 Canadian companies have been lost to foreign ownership, even though 97% of these takeovers have resulted in job losses. Why did this government sell out Canadians and rubber stamp the takeover of Terasen Gas? Losing control of our natural resources is losing control of our sovereignty.

Why are the Liberals allowing this to happen, against the wishes of Canadians? Why was Terasen Gas allowed to be taken over by Kinder Morgan?

Hon. Jerry Pickard (Parliamentary Secretary to the Minister of Industry, Lib.): Mr. Speaker, the minister removed himself from this situation because at one point he was on the board of Terasen Gas. However, Kinder Morgan is a large company that certainly has a great deal of expertise. It will have to operate in all of its operations under Canadian law.

The fact is that it will be able to advance our situation in Canada far more with the capital it has, the resources it has and the expertise it has. I believe Canada, on the measure, will be the big winner with this takeover and, quite frankly, Canada will move forward very well.