Skip to content

Alberta to Invest $1 Billion Over Eight Years in Bitumen Upgrading

Published on: February 26, 2018 –  Edmonton Journal
“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.

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

The cash injection comes as a result of recommendations made by Alberta’s energy diversification advisory committee, released Monday.

The committee was formed after the 2016 royalty review. Its mandate was to figure out how to increase the value of Alberta’s resources and create more jobs — think opportunities around partial upgrading, refining, petrochemicals and chemicals manufacturing.”

Continue reading