By The Canadian Press

Premier outlines provincial financial boost for energy upgrading

Nov 21, 2018 | 5:50 AM

EDMONTON —  The province is expanding a royalty credit program to support petrochemical upgrading.

Premier Notley says the province is adding $600 million to promote upgrading projects that she says will create jobs and boost the economy. 

“We’re fighting for Albertans to make sure we get every dollar of value for the oil and gas resources that belong to them. For decades, we’ve been settling for less while seeing new jobs and investment go south of the border. The time is now to think big, take action and finally upgrade more of our energy at home.”

The government states the latest investment is expected to help create as many as 15,500 jobs during construction of multiple facilities across the province and an additional 1,000 jobs once operational.

Total private-sector investment is expected to be $20.6 billion and, once operational, the facilities will generate approximately $284 million each year in revenue to the province.

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A total of $1.1 billion will now be available in future royalty credits through the petrochemicals diversification program.

The program, developed in 2016, previously committed $500 million in royalty credits and helped to build Inter Pipeline’s $3.5-billion petrochemical complex east of Edmonton.

The province has received 23 applications for proposed upgrading projects. From those applications, a short list will be created and decisions will be made in the coming weeks.

A provincial information release states, “Petrochemical facilities convert natural gas, conventional oil and synthetic crude oil into more valuable products, such as gasoline, fertilizer and other products, like plastics, that are used to manufacture thousands of goods.”

(The Canadian Press – Government of Alberta)