Energy Minister Marg McCuaig-Boyd committed up to $1 billion to grow Alberta’s petrochemical industry. (File photo by THE CANADIAN PRESS)

Alberta commits extra $1 billion on incentives for petrochemicals

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.

“It’s going to help us move away from the boom and bust policies of the past without sacrificing our leadership in the oil and gas industry,” McCuaig-Boyd told a news conference Monday.

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