The provincial government is putting $1 billion towards partial-upgrading bitumen projects.
Premier Rachel Notley announced on Monday the funds will be used to help get better value for the province’s natural resources.
“As we fight for new pipelines and a better price for our oil, we must also create the right conditions for investment and jobs in oil and gas processing and manufacturing. This is the same vision Premier Lougheed had for Alberta, and I’m proud to move that vision closer to reality.”
The money will be used for loan guarantees and grants with a big focus going towards the construction of two to five partial upgrading facilities. The province expects this project to invest upwards of $5 billion into the sector.
The entire project is slated to happen over the next eight-years, officially starting in 2019.
Around 4,000 jobs are expected to be created through construction and another 200 full-time jobs through operations.