Time To Diversify
Processing our energy resources creates long-term, secure markets for our energy products at home and around the world.
For Alberta to thrive, our economy must diversify further.
A great example of diversification leadership: North West Redwater Partnership will turn bitumen into high efficiency diesel, and be the first refinery to incorporate carbon capture and storage. The project will create $150 to $200 million in higher annual royalties for the Government, and provide $100s of millions in new corporate and municipal taxes.
By expanding our petrochemical sector, we will develop new technology and products and broaden Canada’s manufacturing base. Just as importantly, we will also create new domestic and international markets.
For example, Alberta could be producing enough diesel fuel for all of Western Canada. North West Sturgeon Refinery when in full operation will produce 150,000 barrels a day of diesel and will be the first refinery in the world to incorporate CO2capture in the initial design, and use that CO2 for enhanced oil recovery. This project adds significantly to Alberta’s economy, ensuring a higher value for refined bitumen into ultra-low sulfur diesel and is part of the Government of Alberta’s Bitumen Royalty in Kind Program (BRIK)
To meet the worldwide demand for plastic, Williams plans to invest over $2 billion to build a propane dehydrogenation facility in Strathcona County. It will produce approximately 1.1 billion pounds a year of polymer-grade propylene, a building block of plastic, and enough to supply two world-class propylene derivative plants in Alberta. The project would generate $100s of millions in new corporate and municipal taxes. The proposed project would supply feedstock to a $1 billion polypropylene facility located at the same site.
Through petrochemical developments like this, we will generate stable and predictable energy revenues and create new industries and jobs.