Spring 2018 - Bill 1: The Energy Diversification Act
The Energy Diversification Act builds on Alberta’s energy strengths with initiatives that will create thousands of jobs, attract billions of dollars in private investment and secure our energy future through diversification and innovation.
The government has committed up to $2 billion to leverage private investment, including:
- $500 million in royalty credits for a second round of the Petrochemicals Diversification Program
- $500 million in loan guarantees and grants to establish a Petrochemical Feedstock Infrastructure Program
- $1 billion in loan guarantees and grants to initiate a Partial Upgrading Program
Diversification brings stability and long-term growth to our economy - it does not mean leaving our leadership in oil and gas behind.
These initiatives are expected to attract $10 billion in private investment, support 8,000 construction jobs and hundreds more operational jobs.
Alberta is blessed with a greater variety of natural resources than anywhere in the world, but right now we’re not getting full value for them.
Petrochemical diversification is about supporting our petrochemical industry, already the largest in Canada, to keep more value from our resources in Alberta. Getting more out of the resources we produce makes good business sense.
Partial upgrading is about taking diluent out of some shipments of bitumen, moving about 30 per cent more oil through existing pipelines and having access to refineries that right now cannot take our bitumen product.
Supporting feedstock infrastructure is about ensuring that petrochemical companies investing in Alberta have access to the natural gas liquids they need. Supporting this investment means higher value products, more jobs, and more royalties to pay for the services that Albertans rely on.
Building on Alberta's energy strengths (Mar. 12, 2018)
Investing in a diversified energy future (Mar. 8, 2018)
Securing Alberta's future through energy diversification (Feb. 26, 2018)