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.

Just Posted

Red Deer grassroots movement growing

Online support for Stand Up For A Safe Community

Red Deer students support cancer awareness campaign

West Park Elementary students wear blue

VIDEO: B.C. deer struggles with life-preserver caught in antlers

Campbell River resident captures entangled deer on camera

4 dead, including suspect, after Maryland warehouse shooting

ABDERDEEN, Md. — An employee at a Rite Aid warehouse opened fire… Continue reading

Trek to scale Alberta mountain ends in hospital for climbers caught in slide

JASPER, Alta. — Two people suffered serious but non-life-threatening injuries when they… Continue reading

Surrey man wins $500K, plans to build house, buy toys and ‘nice dinner’

Sukhwinder Sidhu bought winning ticket at store in Newton

Nominations open again for Toronto election after province’s legal victory

TORONTO — Nominations are once again open for candidates wishing to take… Continue reading

The Gap steps into the men’s athleisure game

NEW YORK — The Gap is stepping in to the men’s athleisure… Continue reading

Giant bong, huggable buds: Marijuana museum opens in Vegas

LAS VEGAS — A glass bong taller than a giraffe. Huggable faux… Continue reading

Buoyant stocks lift US household wealth, mainly for affluent

WASHINGTON — A rising stock market lifted U.S. household wealth to a… Continue reading

Polish police looking for man who threw stone into synagogue

WARSAW, Poland — Polish police are looking for a man who threw… Continue reading

Most Read