Responding to rumors that the Canadian government was considering the sale of its C$2 billion stake in Petro-Canada to have more cash on hand to boost federal spending on the economy and security, Canadian Natural Resources Minister Ralph Goodale said Friday that the government might sell the stake when “the time was right,” but offered no other details.

Petro-Canada, one of Canada’s largest producers and refiners, has long been the source of speculation that Canadian authorities would drop its 18.2% share in the company. However, in recent weeks, as the country’s economy has taken a slide along with the rest of the globe, speculation has grown that Canada would sell and use the money for more pressing concerns, including its own concern about terrorist attacks.

Ottawa’s National Post reported Friday that the federal government will submit a full-scale budget in November that may include the sale of the Petro-Canada stake. The company was started by the Liberal Canadian government in the mid-1970s and was privatized in the late 1980s. Ottawa held a minority stake, but also imposed limits on individual and foreign ownership.

Goodale said in the Post, “the consideration for the Government of Canada is when it is most appropriate to ensure that the Canadian public interest is fully satisfied and that the taxpayers are fully satisfied.” He said, “when that time arrives, we will announce what our decision is, but at the moment, it’s a matter of the same sort of speculation that has gone on now for the better part of three or four years.”

In terms of value, the time to sell could be now. Petro-Canada’s stock price on Friday closed at C$40.30, and has retained its value much better than other stocks that have slid in the past few months. Its 52-week high was C$43.65. A year ago, its stock price was C$32.

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