Prentice sees stronger year for oilpatch, but warns of foreign investment chill

OTTAWA – CIBC senior executive Jim Prentice says he is still concerned Canada is sending the wrong message on foreign investment.

The former Harper government minister says he expects 2014 to be a better year for the oilpatch after a difficult 2013.

However, Prentice says the government’s refusal to permit state-owned enterprises to invest in Canada’s energy sector isn’t helping.

He says most of the largest international energy firms that might want to invest in Canada are state-owned, which means Canada is cutting itself off from a big part of the sector.

Alberta Finance Minister Doug Horner agrees and says he intends to raise the issue at a meeting of finance ministers that gets underway Sunday.

Prentice says he sees hopeful signs that some of the objections against building a pipeline to the West Coast are being addressed.