Article content

With low oil prices hammering the provincial economy, the Alberta government is looking to give a boost to both its value-added petrochemical sector and the ailing natural gas industry. On Feb. 1, it unveiled the Petrochemicals Diversification Program.

On Monday, Energy Minister Margaret McCuaig-Boyd gave an update on the program, saying interest from industry was surprisingly strong after applications closed April 22.

We apologize, but this video has failed to load.

tap here to see other videos from our team. Try refreshing your browser, or Alberta petrochemical diversification program attracts 16 applicants Back to video

What: The program will offer incentives worth $500 million for the construction of plants using methane or propane to make products such as plastics, detergents and textiles. Investors in the projects will earn credits that can be used to pay royalties on natural gas production, or sold to producers. “We know there is a great deal of interest from companies looking to invest here in Alberta, but our winters and our distance to market create serious challenges,” said McCuaig-Boyd. “They can cause companies to look to Louisiana or Texas rather than to Alberta. We want to change that.”