Alberta’s Petrochemical Program, an incentive to global petrochemical investment
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Alberta, Oct 30 (Canadian-Media): A new program, The Alberta Petrochemicals Incentive Program (APIP) is being launched by Alberta to turn it into a top global producer of petrochemicals with an aggressive industry-driven strategy to promote long-term international investment and thousands of jobs to the province.
The development of the program was based on best practices in competing jurisdictions, including several American states with large petrochemical industries. The program was also refined with the input of stakeholders and interested companies.
Drawing directly on our abundant reserves of natural gas, APIP aims to attract billions in petrochemical project investments as well as to help and continue to diversify the province’s economy to enable aggressive competition with similar incentives for petrochemical manufacturers in several jurisdictions across Asia, the Middle East, and those in the Gulf of Mexico in the United States to become a global destination for petrochemical investment.
“Today we’re adding another incentive to Alberta’s already world-class opportunities for petrochemical development. On top of our existing petrochemical producers and all the companies that feed in and support them, we have a multi-generational supply of natural gas, an experienced workforce, and one of the lowest tax rates in North America. By launching this program, Alberta moves towards achieving the goal of becoming one of the most attractive investment opportunities for petrochemicals in the world,” said Dale Nally, Alberta’s Associate Minister of Natural Gas and Electricity in a news release.
Being one of the most established petrochemical industries in Canada, Alberta exhibits potential growth in existing centers like Alberta’s Industrial Heartland, Grande Prairie, Joffre, and Medicine Hat.
Being one of the key pillars of the Natural Gas Vision and Strategy program, the province’s goal is to become a top global producer of petrochemicals. According to Alberta’s Industrial Heartland Association, there is an opportunity to grow Alberta’s petrochemical sector, more than $30 billion by 2030…