Alberta commits extra $1 billion on incentives for more oil upgrading

Alberta is committing up to $1 billion to grow its downstream oil production.


0
13 shares

EDMONTON — Alberta is committing up to $1 billion to grow its downstream oil production.

Energy Minister Marg McCuaig-Boyd says the money is to be used for loan guarantees, grants and royalty credits to spur more private-sector investments in processing Alberta crude.

There will be $500 million in royalty credits for a second round of the petrochemicals diversification program — starting in 2020 and spread over four years.

Another $500 million is for loan guarantees and grants for a petrochemical feedstock program starting in 2021.

The plans are contained in legislation 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 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.

The Canadian Press


0 Comments

Your email address will not be published. Required fields are marked *

The Canadian Press
As Canada’s national news agency for 100 years, The Canadian press has provided Canadians an unbiased news source, driven by truth, accuracy, and timeliness.
Choose A Format
Story
Formatted Text with Embeds and Visuals
Video
Youtube, Vimeo or Vine Embeds