By The Canadian Press

Province partially backstopping new $2 billion dollar bitumen upgrader

Jan 22, 2019 | 1:28 PM

CALGARY – The Alberta government is providing a $440 million loan guarantee to help a Calgary-based company build a new bitumen upgrader east of Edmonton.

Value Creation Incorporated says it’s ready to break ground on the $2 billion upgrader that would convert more than 77,000 barrels of diluted bitumen each day into medium synthetic crude and an ultra low sulphur diesel.

Synthetic crude can flow easier through pipelines.

Premier Rachel Notley says the loan guarantee is all the support the company will receive from the provincial government.

She says the project would create more than 2,000 jobs during construction and another 200 full-time positions once the facility is up and running.

Week-in-review: Municipal election changes, a leadership debate and green bins

Apr 27, 2024

What's Happening in Lethbridge this weekend: April 26, 2024

Apr 26, 2024

Week-in-review: Federal Budget, water agreements and success for tourism industry

Apr 20, 2024

“We’re taking the bull by the horns and fighting to get full value for our oil,” Notley said. “Albertans have been talking about this for decades, and we’re not content to sit on the sidelines and let good jobs and investment pass Alberta by for places like Louisiana. That has happened for too long and it has got to stop. We’re making sure the next generation of Albertans have the opportunities they deserve in a stronger, more resilient, more diversified province.”

The plant is expected to be operational in 2022.