Alberta commits extra $1 billion on incentives for petrochemicals

By The Canadian Press
March 12, 2018 - 4:38pm

EDMONTON - Alberta is committing up to $1 billion to grow its petrochemical industry.

Energy Minister Marg McCuaig-Boyd says the money will be used for loan guarantees, grants and royalty credits to spur more private investments in the sector.

There will be $500 million in royalty credits for a second round of the Petrochemicals Diversification Program, spread over four years starting in 2020.

Another $500 million is for loan guarantees and grants for a petrochemical feedstrock program starting in 2021.

The programs are contained in the Energy Diversification Act, introduced by McCuaig-Boyd in the house last week.

The money is on top of $1 billion in loan guarantees and grants recently announced by Premier Rachel Notley to deliver financial incentives for more partial upgrading by oil developers in Alberta.

 

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