IPL Heartland Petrochemical Complex Receives Federal Funding
This week the Minister of Innovation, Science and Economic Development, Honourable Navdeep Bains, announced a commitment of $49 million to Alberta’s Industrial Heartland’s Inter Pipeline in support of their $3.5-billion Heartland Petrochemical Complex. The project, announced in late 2017, will take abundant, low-priced Canadian propane and produce high-quality polypropylene—one of the most widely used plastics in the world for its durability and its recyclability. This project will open new markets and opportunities as polypropylene is not currently produced in Canada.
“Alberta’s Industrial Heartland Association is an active advocate for meaningful incentive programs that enhance Alberta’s competitiveness on the world market. In particular, the federal government’s commitment to increasing the capital cost allowance for specific capital assets that will allow up to 100 percent tax deductibility will support investment here in Alberta’s Industrial Heartland and we are very encouraged to see the government’s focus on increasing the Strategic Investment Fund, which was reflected in today’s funding announcement to Inter Pipeline. These steps, coupled with the provincial government’s incentive program announcements specific to the Petrochemicals Diversification Program and the Petrochemical Feedstock Infrastructure Program, send a strong signal to investors that the governments of Canada and Alberta are focused on diversifying our energy economy and enhancing our competitiveness. We have worked hard over the last 12 months to highlight the opportunity in Alberta and we are pleased to see that the federal and provincial government announcements are indeed having a significant positive impact on investment in Alberta’s Industrial Heartland,” says Mark Plamondon, Executive Director of Alberta’s Industrial Heartland Association.
For more information on Inter Pipeline’s Heartland Petrochemical Complex, visit their website here.