Government hoping to grow petrochemical industry
EDMONTON, AB — The provincial government released more details today about its proposed bill to grow the petrochemical sector in Alberta.
During a news conference in Edmonton Monday morning, Energy Minister Margaret McCuaig-Boyd announced if Bill 1 is passed in the legislature, starting in 2020, the government will be committing $1 billion towards two programs to help attract more private industry to the province.
“By supporting diversification in our energy sector, we’re supporting good jobs and building an economy to last,” McCuaig said in a statement. “That’s why we’re taking action to ensure Alberta is even more competitive for major private investments in the petrochemicals sector. Adding more value to our raw products at home means more jobs for Albertans and getting top dollar for our resources.”
Bill 1, also called the Energy Diversification Act, was tabled on March 8. If passed, the province would commit $500 million in royalty credits for the second round of the Petrochemicals Diversification Program. The money would spread over four years.