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The province plans to spend up to $1 billion over the next eight years for new partial upgrading facilities in Alberta to diversify the energy sector.

The money will likely come in the form of $800 million in loan guarantees and $200 million in grants.

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The government hopes it will attract as many as five new upgrading facilities, representing $5 billion in private investment and 4,000 construction jobs.

There’s no word yet on exactly which companies can apply, or how. Premier Rachel Notley said Monday those details will be hashed out over the coming months, but it’s likely smaller projects will get grants to support technological innovation.

Notley said the applications would undergo “extremely rigorous” vetting to ensure taxpayer dollars are protected.

“It’s not going to be a free-for-all,” she told a news conference at the Federal Building in Edmonton.

The goal is to have Alberta’s thick bitumen upgraded in the province so that more of it can flow through pipelines, leading to an increase in volume and sales.