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Alberta government to partially backstop new $2 billion dollar bitumen upgrader


Industry

January 23, 2019
By The Canadian Press


Industries

CALGARY – The Alberta government is providing a $440 million loan guarantee to help a Calgary-based company build a new bitumen upgrader east of Edmonton.

Value Creation Incorporated says it’s ready to break ground on the $2 billion upgrader that would convert more than 77,000 barrels of diluted bitumen each day into medium synthetic crude and an ultra low sulphur diesel.

Synthetic crude can flow easier through pipelines.

Premier Rachel Notley says the loan guarantee is all the support the company will receive from the provincial government.

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She says the project would create more than 2,000 jobs during construction and another 200 full-time positions once the facility is up and running.

The plant is expected to be operational in 2022.