More money being invested in Petrochemical Diversification Program

NDP investing in Petrochemical program

Municipalities continue to struggle with the low oil price and are pleased to hear about a major provincial investment.

The Petrochemical Diversification Program is getting an extra $600 million from the province to help small companies who are still trying to climb out of the recession.

Shaye Anderson the Municipal Affairs Minister tells the One News he's confident this money can help turn around the economy in rural communities.

"Our economic diversification plan has been a big plan and there's lots going on in particular petrochemicals, we have incredible amounts of opportunity there with some big companies coming in and wanting to invest in Alberta, some already have and there's more on the way," says Anderson.

The province has invested a total of $2.1 billion in petrochemical upgrading.

Anderson estimates this money could help create over 15,500 construction jobs and about $20.6 billion in private-sector investment.

The province expects to receive more than $284 million in corporate taxes each year.  (JSL/THE ONE NEWS)

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