NEWFOUNDLAND & Labrador's provincial energy company Nalcor should sell all its stakes in upstream assets and in the Canadian province's Bull Arm fabrication yard, ahead of being "eliminated", because the St John's-based government cannot afford to keep the corporation going.This is just one of many drastic recommendations contained in a 342-page report commissioned by the St John's authorities to revive the ailing province's oil-reliant, debt-laden economy and create the conditions for it to thrive as a "green" province in the future.Last year, Newfoundland & Labrador Premier Andrew Furey asked Moya Greene, former head of Canada Post and UK-based Royal Mail, to head up an economic recovery team to generate solutions to put the economy on a firmer financial footing, while building on its geographical potential to become a renewable energy hub.The 'Big Reset' report said Nalcor's equity interests in the Hebron, Hibernia South Extension and White Rose oil and gas fields is worth about C$6 billion (US$4.96 billion) and, while they create value for the province, stressed that holding them "is not consistent" with a streamlined government or a government with a high debt load.
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