Natural resources belong to all Albertans, and the government has a responsibility to ensure that Albertans get the best value for resources we own. That’s why the Alberta government is building on its strengths by leveraging billions of dollars in new private-sector investment to create thousands of jobs in a diversified energy industry. This is an important step towards securing Alberta’s future and getting off the boom-and-bust rollercoaster.
In late February, Premier Rachel Notley announced that support for full-scale commercialization of partial-upgrading technologies will be among the government’s next steps toward energy diversification. Partial upgrading increases the value of Alberta’s bitumen, creating a higher value for the product that can be shipped to more refineries around the world. This builds on our existing strengths, which include a skilled workforce and world-class petrochemical industry.
The government will provide support for partial upgrading over eight years beginning in 2019-20, which will include loan guarantees and some grants. This will spur construction of two to five partial upgrading facilities, representing up to $5 billion in private investment, 4,000 jobs during construction and 200 full-time jobs during operation.
According to studies, the impact of partial upgrading could be worth up to $22 billion in GDP growth for Alberta over 20 years—adding jobs, infrastructure and investment throughout our province.
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