Government Probes Acquisitions Linked to Israel
The federal government is investigating potential links between recent corporate acquisitions and Israeli activity.
Updated on Oct. 24, 2026 in Oil and Gas
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Federal officials are investigating recent company acquisitions due to concerns over ties to Israel and settlement-related activities. The probe follows questions in the House of Commons regarding foreign ownership of energy assets.
Why it matters
The review highlights government efforts to address corporate associations with activities in occupied Palestinian territory. This move aligns with a broader push for businesses to comply with established warnings regarding settlement-related risk.
The federal probe involves three offshore oil projects in Newfoundland and Labrador currently being acquired by Ithaca Energy. Investigations are also considering broader corporate ties to groups listed on international watchlists.
The players
Heather McPherson
She is an NDP MP who has been actively questioning the government regarding corporate ties to foreign territories.
Robert Oliphant
He serves as a parliamentary secretary and has provided updates on the federal government's investigative processes.
Ithaca Energy
A UK-incorporated company listed on the London Stock Exchange that is currently acquiring Suncor energy assets.
Delek Group Ltd.
A conglomerate that serves as the majority shareholder for Ithaca Energy and is currently cited on a UN blacklist.
Suncor
A major Canadian energy company that is currently divesting its stakes in offshore oil projects in Newfoundland and Labrador.
The details
Parliamentary secretary Robert Oliphant confirmed that the government continues to investigate acquisitions involving companies linked to Israel. NDP MP Heather McPherson raised specific concerns about the Ithaca Energy deal for Suncor assets and an acquisition involving Elbit Systems.
Timeline
August 2026: Government warned businesses about risks tied to settlement-related activity.
October 2026: The acquisition of Suncor assets by Ithaca Energy was reported.
October 22, 2026: Liberal MP referenced the ongoing investigation during a parliamentary session.
Week of October 26, 2026: The House of Assembly fall session is scheduled to open.
Market Landscape
The current investigation follows the August 2026 government warning to Canadian businesses regarding ties to settlement-related activities, demonstrating the practical application of this policy. This scrutiny marks an escalation in how the government evaluates foreign acquisitions for alignment with national business standards.
These investigations may create uncertainty regarding the ownership and operational future of major energy assets in Newfoundland and Labrador. Readers should monitor developments as they could impact local energy sector employment and regional project timelines.
The takeaway
Companies operating in Canada are facing increased regulatory oversight regarding their international partnerships and associations. Businesses are encouraged to review their supply chains and partnerships to ensure they remain in compliance with federal guidelines and warnings.
What happens next
The New Democrats are expected to press the Progressive Conservatives for further details regarding the Ithaca acquisition when the House of Assembly opens during the week of October 26, 2026.
Further reading
For more information, see the Oil and Gas section.
Source note: This article includes information reported by The Independent.
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