Alberta petrochemical projects get $378 MM royalty credits
CALGARY, Alberta (Reuters) -- The Canadian oil-producing province of Alberta will offer $377.84 million in royalty credits to Pembina Pipeline Corp and Inter Pipeline Ltd for their petrochemical projects, the government said on Monday as it seeks to diversify its ailing economy.
The provincial government said the companies were the approved applicants of its Petrochemicals Diversification Program, which supports construction of facilities that use propane or methane, components of natural gas, as feedstock to produce materials for products including plastics, detergents and textiles.
Pembina's project is a joint venture with Kuwait's Petrochemical Industries Company and has been approved to receive up to C$300 million in royalty credits to build a propylene-polypropylene facility, the government said in a statement.
The project by Inter Pipeline has been approved to receive up to $200 million in royalty credits, according to the government.
Reporting by Ethan Lou in Calgary, Alberta; Editing by Andrew Hay and Alan Crosby
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