Prime Minister Martin and Premier Hamm Celebrate Recent Offshore Agreement

first_imgPREMIER’S OFFICE–Prime Minister Martin and Premier HammCelebrate Recent Offshore Agreement The Governments of Canada and Nova Scotia today signed thearrangement that ensures the people of Nova Scotia will be theprimary beneficiaries of offshore resource revenues. TheArrangement between the Government of Canada and the Governmentof Nova Scotia reflects the agreement in principle reachedbetween both governments on Jan. 28. Prime Minister Paul Martin, Premier John Hamm, Geoff Regan,Minister of Fisheries and Oceans and Cecil Clarke, Nova Scotia’sMinister of Energy, participated in the signing ceremony fortheir respective governments. “I would like to thank Premier Hamm for the admirable way inwhich he expressed and defended the position of Nova Scotiaduring our discussions,” said Prime Minister Paul Martin. “Thisis a good example of how our governments worked together to findsolutions to address the unique situation of Nova Scotia whilebeing fair to all Canadians.” “This agreement is the culmination of Nova Scotia’s long struggleto secure 100 per cent of our offshore revenues,” said PremierHamm. “The Prime Minister has honoured his commitment and nowNova Scotians are taking a vital step on the way to achievingfinancial self-sufficiency that will benefit all of Canada.” The arrangement uses an offset or rebate payment to allow NovaScotia to have the full benefit of its offshore revenues. Theoffset payments will protect Nova Scotia from reductions inequalization payments that would otherwise have been caused byincreasing offshore revenues. “This is an important day for Nova Scotians,” Mr. Regan said.”Thanks to the commitment of both the Prime Minister and Premier,our province has been put on a much stronger financial footing.” “My department is continuing is efforts to encourage morepetroleum exploration and development for the offshore,” said Mr.Clarke, “and we do so with the confidence that those futurediscoveries will provide lasting benefits for Nova Scotians.” The new agreement does not change any other federal-provincialfinancial arrangements. -30-last_img

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