Alberta announces 10-year program for petrochemical development
Posted July 9, 2020 11:03 am.
Last Updated July 9, 2020 11:04 am.
EDMONTON (660 NEWS) – Alberta’s United Conservative government has announced a new program to attract investment in the petrochemical industry.
The Alberta Petrochemicals Incentive Program (APIP) is a 10-year grant program the Province said will help create petrochemical projects in an effort to diversify the provincial economy.
Associate Minister of Natural Gas and Electricity Dale Nally made the announcement Thursday morning.
“Over the last 10 years, petrochemical investment in the United States reached $250 billion, more than 10 times what was invested in Canada. With our affordable 300-year supply of natural gas, technically skilled and educated workforce, and respected innovation and research sectors, Alberta is ready to seize the opportunity to become a global destination for petrochemical manufacturing, benefiting all Albertans.”
Nally said the COVID-19 pandemic has highlighted the importance of petrochemical manufacturing worldwide.
He added these facilities help manufacturing items like medical equipment, computers and cellphones along with personal protective equipment, car seats, tires, and fertilizer for agriculture and home gardening.
“In this time of uncertainty, these actions signal confidence in Alberta’s future prosperity and will attract investors to the province,” said Bob Masterson, president and CEO, Chemistry Industry Association of Canada.
According to the Chemistry Industry Association of Canada, Alberta’s chemicals sector was valued at $12.1 billion and employed about 58,400 people last year.
The new program will use grants instead of royalty credits to be given to companies after eligible projects are operational.
The government anticipates this program will grow the petrochemical industry by about $30 billion by 2030, and create more than 90,000 jobs.
