Alberta recommits to petrochemical diversification program
In this file photo, a decommissioned pumpjack is shown at a well head on an oil and gas installation near Cremona, Alta., in 2016. (THE CANADIAN PRESS/Jeff McIntosh)
Published Wednesday, October 23, 2019 8:14AM MDT
Last Updated Wednesday, October 23, 2019 1:31PM MDT
EDMONTON -- The Alberta government says it is investing $1.1 billion in the petrochemical diversification program for the purpose of creating jobs.
The money will support privately-funded projects by making royalty credits available to companies that turn ethane, methane and propane feedstocks into products like plastics, fabrics and fertilizers.
“Albertans elected our government to fight for our energy sector and get Albertans back to work,” said Energy Minister Sonya Savage in a written release. “We promised Albertans that we would respect agreements made under the petrochemicals diversification program and look at extending the royalty tax credit model to incent future projects.”
The province says by confirming this commitment, the government can now resume consideration of current submitted applications.