Thursday, July 18, 2024

Government Announces Petrochemicals Diversification Program

This week the province announced it would be seeking to create a diversification program around encouraging companies to invest in the development of new Alberta petrochemical facilities by providing royalty credits. The program is expected to support the construction of several petrochemical facilities that use methane or propane to produce the materials for products that include plastics, detergents and textiles.

The Government of Alberta will award royalty credits to select petrochemical facilities through a competitive application process. The total amount of the program is $500 million.

You can read more about the program here.