Alberta’s new Petrochemicals Diversification Program has received a lot of interest since the program was announced on February 1.

16 applications within Alberta and across the globe have been collected, representing over $20 billion in potential investment and thousands of new jobs.

The new program encourages companies to invest in the development of new Alberta petrochemical facilities by offering a royalty credit program.

Up to $500 million in credits can be earned once approved projects are completed and feedstock consumption begins.

"Companies across the globe want to invest billions in Alberta," said Margaret McCuaig-Boyd, Minister of Energy. "We are positioning Alberta to be a major player in the growing global demand for petrochemical products, which will help diversify our energy markets and, most importantly, create stable jobs and more opportunities for Alberta’s workforce to grow and prosper.”

The program is expected to create up to 3,000 new jobs during construction, as well as more than 1,000 jobs once operation begins.

Naushad Jamani, Chair, Resource Diversification Council and Senior Vice President, Olefins and Feedstock, NOVA Chemicals applauds the government for moving forward with the program.

"This investment will help create world scale petrochemical plants, diversify our energy products and increase government revenues - while creating thousands of permanent high paying, skilled jobs in Alberta."

Applications are now being reviewed by a third party, with a final decision being made by July 5 for companies that will be approved for the program.

To learn more about the Petrochemicals Diversification Program, visit the Alberta Governments Fact sheet.