CHEMISTRY INDUSTRY WELCOMES RECOMMENDATIONS IN ALBERTA’S ROYALTY REVIEW PANEL REPORT
The Chemistry Industry Association of Canada (CIAC) is pleased with recommendations outlined in the Alberta Government’s Royalty Review Panel Report released earlier this afternoon.
“The report recognizes what Alberta’s chemistry industry has been asking for, the need for a long-term energy strategy that will help identify competitiveness gaps and stimulate investment in the short term,” says Bob Masterson, CIAC President and CEO. “Right now, investors are making decisions about where the next multi-billion dollar manufacturing operation will be located. There’s a lot of competition. This report provides some certainty and points a way forward for Alberta and Canada.”
The chemistry industry in Alberta currently adds five to 10 times the value to the Province’s raw natural resources, but CIAC sees opportunities in what the Report recommends.
The Panel recommends Alberta develop a strategy to seize the opportunity presented by shale gas resources and literally “bring the market to Alberta” by strategically setting the stage for the establishment of more downstream industries here in the province. Also, the report calls for the development of a value-added natural gas strategy which could provide an opportunity for increasing emissions-friendly, advanced manufacturing within the Province.
“Alberta’s chemical sector is already providing value-add economic diversification,” says Masterson, “but we can do a lot more once we address some key competitiveness areas which the strategy development is intended to identify.”