Alberta's Industrial Heartland received some good news from the province.
The Alberta Government has committed $1 billion to see new partial oil upgraders built in the province. This announcement comes after the Energy Diversification Advisory Committee (EDAC) released a report with nine themed recommendations.
"Over the last year to a year and a half the EDAC has been studying ways to diversify Alberta's energy economy," said Alberta's Industrial Heartland Foundation executive director, Mark Plamondon.
Their support towards partial oil upgraders resulted from just one area of recommendations from the report.
"It's a new technology but the Alberta Government is trying to encourage that technology, which would basically result in the production of an oil product that is different than just exporting bitumen," he said.
It would be a medium grade crude with access to a wider range of refinery than what is available now for bitumen.
"We think the Industrial Heartland is well positioned to accompany new investments in both petrochemicals and in partial upgrading," said Plamondon. "Alberta is investment ready and eager to capture a potential $30 billion in diversified investment by 2030."
This announcement could bring in additional economic activity and investment announcements for the Heartland.