Alberta unveils grant scheme in bid to boost petrochemical investment [Toronto Globe and Mail (Ontario, Canada)]
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Source: Toronto Globe and Mail
Alberta unveils grant scheme in bid to boost petrochemical investment A new 10-year, billion-dollar program in Alberta will award grants to companies to build new petrochemical facilities, pivoting the sector away from royalty credits that have long been used to try and entice sector investment to the province. The Alberta petrochemicals incentive program, set to be announced Thursday, will cast a wide net, with cash available for any company that builds a new petrochemical facility in the province. It will run alongside Alberta’s current $1.1-billion petrochemicals diversification program, which continues to use royalty credits. Dale Nally, the province’s Associate Minister of Natural Gas and Electricity, told The Globe and Mail the move to grants is “based on industry needs, not government desires.” Royalty payments that energy producers make to government are a mainstay of Alberta’s resource economy. But unlike exploration and production companies, those in the petrochemical sector
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