Petrochemicals Diversification Program
The benefits of this program are significant to Alberta workers and their families: up to $6 billion worth of investment attracted to Alberta, up to 4,200 new jobs during construction of new petrochemical facilities, and more than 240 full-time jobs once operation begins.
The Program was created to 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 was announced on February 1, 2016, as part of the government’s continued action on the economy, to create jobs, attract investment and diversify Alberta’s economy. The deadline for applications was April 22, 2016.
On June 6th, 2016 government announced the program had 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.
Building on Alberta's large supply of propane, the program capitalizes on the growing global demand for related higher value products and promote greater energy processing right here in Alberta.