According to a recent report. Canada Ultra-cheap gas drives hope of the petrochemical boom. This is after the province of Alberta which is rich in production of this Ultra-cheap gas recreated the provision of this gas along the U. S gulf. According to the U.S Gulf coast, the existence of natural gas has led to companies generating billions of dollars in the investment of petrochemical products.
From the previous drilling company, U. S has invested some money in drilling this natural occurrence gas. This money was invested with a fracking technology which deals with the drilling of this products. This project of gas drilling and petrochemical products started a decade ago. However, this project has so far generated more than $190 billion. This money, however, has been invested in U. S capital and more so the part of this amount has been used in building and further expansion of the U. S capital.
However, this same amount was used in the expectation of the U. S chemical facilities responsible for the production of chemical fertilizers. This goes for plants that use natural gas for production purpose. This amount also extends to the fabrication of plastics and more so fuel which is used for domestic and industrial purposes. According to Alberta, the province is hoping to emulate the same thing of turning prices which at the moment is about one-third of the U.S. Gulf Coast turning it into a competitive advantage which in return will attract petrochemical companies.
According to Alberta, this investment plan will help in providing the buyers with fast energy. This will help the energy companies in providing this petrochemical product without any more Strabo through the entire province. However, Alberta in 2016 had initiated incentives which were supposed to diversify all its oil-based economy. 2 projects which included inter Pipeline Ltd’s, where the planned $2.7 billion in developing of the petrochemical plant near Edmonton, had been approved to share around $500 million in the royalty credits.
Albert, on the other hand, is planning on bidding on subsidy round in June for the second time. This subsidy will help in providing resources for the remotely situated plants.