Canada’s slow-growing petrochemical industry is headed for its biggest surge of expansion spending in five years in 2019, thanks in large part to incentive programs by federal and provincial governments.
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Business investment intentions in Alberta remain positive despite the fact that Albertan business owners are the most pessimistic in the country about the Canadian economy, says a new report released on Tuesday by BDC (the Business Development Bank of Canada).
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Inter Pipeline’s Heartland Petrochemical Complex is a $3.5-billion private-sector investment spurred by the province’s royalty credit program. The project is creating more than 2,300 direct full-time jobs in construction and operation of the facility. Once complete, the complex will turn Alberta propane into recyclable plastics that can be used around the world for products like medical equipment, currency and active outerwear and apparel.
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While even the most likely new pipeline to ship more of Alberta’s crude oil to refining and export markets—Enbridge’s Line 3 replacement—is nearly a year away at the earliest, the province hosting most of Canada’s oil production has been desperately seeking other ways to get more value for its natural resources.
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