Canada to encourage petrochemical manufacturers

The province of Alberta in Canada is encouraging investments in petrochemicals. It has announced incentives for companies as it seeks to diversify its economy beyond crude extraction and export. It also said it would double its support for petrochemical feedstock plants, which provide the raw materials for petrochemical upgrading.

The province will provide royalty credits worth C$2.1 billion ($1.6 billion), up from earlier commitments totaling C$1.1 billion, to projects that convert natural gas and oil into value-added products like gasoline, fertilizer, and plastics.

In Alberta, most petrochemical upgrading uses natural gas by-products like ethane, propane, and butane.