Petrochemicals Diversification Program
The Petrochemicals Diversification Program will encourage companies to invest in the development of new Alberta petrochemical facilities by providing up to $500 million in incentives through royalty credits. The program, announced
February 1, 2016, is part of the government’s continued action on the economy, helping to create jobs, attract investment and diversify Alberta’s economy. The deadline for applications was April 22, 2016.
A news release on June 6th stated the program has received 16 applications locally and from across the globe, representing more than $20 billion in potential new investment interest in Alberta’s petrochemicals industry. These applications were reviewed with a third-party monitor to ensure a fair and transparent evaluation process. Final decisions to be made by August 5, 2016, with successful applicants announced in early fall.
Building on Alberta's large supply of methane and propane, the program will capitalize on the growing global demand for related higher value products and promote greater energy processing right here in Alberta.
The benefits of this program are significant to Alberta workers and their families: between $3 billion and $5 billion worth of investment attracted to Alberta, up to 3,000 new jobs during construction of new petrochemical facilities, and more than 1,000 jobs once operation begins.