CIAC congratulates Nauticol Energy for its $2B investment in Alberta methanol plant
February 20, 2019
The Chemistry Industry Association of Canada (CIAC) welcomes today’s announcement that Nauticol Energy Ltd. is investing $2 billion in a new methanol plant south of Grande Prairie, Alberta.
Phase one of the project, which is expected to begin in 2020, will be supported through $80 million in future royalty credits as part of the Alberta Government’s second round of its Petrochemicals Diversification Program (PDP). The facility is targeted to be fully operational in 2022.
“This is great news for Canada and for the people of Alberta. We congratulate Nauticol Energy for their investment and we congratulate the Alberta Government on attracting investment to the province and creating good jobs for Albertans,” said Bob Masterson, President and CEO of CIAC.
The development of the project will be phased to include three identical methanol units, each capable of producing one-million metric tonnes of methanol per year. The entire project is expected to create approximately 3,000 direct and indirect jobs, including 1,000 direct construction jobs and over 200 direct permanent jobs.
This follows CIAC member Canada Kuwait Petrochemical Corporation’s announcement earlier this month that it is moving forward with the construction of a $4.5-billion petrochemical upgrading facility in Sturgeon County, Alberta, also supported by royalty credits through the PDP.