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Alberta offers cash in push to become top global petrochemical producer – CBC.ca

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The Alberta government says it’s prepared to give billions of dollars to lure investors willing to build or expand petrochemical facilities in the province, part of what it says is a push to be a top global player in the field. 

In a news release introducing the new Alberta Petrochemicals Incentive Program, the government says it hopes to grow the sector by more than $30 billion by 2030 and compete with jurisdictions across Asia, the Middle East and the U.S. areas of the Gulf of Mexico.

“On top of our existing petrochemical producers and all the companies that feed in and support them, we have a multi-generational supply of natural gas, an experienced workforce, and one of the lowest tax rates in North America,” said Dale Nally, the associate minister of natural gas and electricity, in the news release. 

“By launching this program, Alberta moves towards achieving the goal of becoming one of the most attractive investment opportunities for petrochemicals in the world.”

The details

The program would offer grants of up to 12 per cent of eligible capital costs for new projects in the province. That money will be offered only in the final stages of construction in order to ensure projects are already built. 

The minimum investment required to be eligible is $50 million, with no upper limit, and the project must consume natural gas, natural gas liquids or petrochemical “intermediaries,” and create new and permanent jobs in the province.

The window for applications on projects between $50 million and $150 million will be open for five years, and 10 years for projects over that threshold. 

Hydrogen projects

Hydrogen facilities will be eligible for the grants and there is no cap on the number of projects. 

“Alberta has the potential to become a major player in low-carbon hydrogen and sustainable plastics production, but we’ll only get there if we have a competitive edge over other jurisdictions,” said Doug Schweitzer, the minister of jobs, economy and innovation, in the news release.

The government estimates it could create over 90,000 direct and indirect jobs  and bring in $10 billion for the government if it hits the target of growing the sector by $30 billion.

On Friday, the Globe and Mail reported that the province was in talks with a private firm from Saudi Arabia to build a $5-billion petrochemical facility in Alberta. 

“From Day 1, we have said that we are going to seek out international investors to create jobs in Alberta. We are pleased to see that interest has been expressed by a number of global companies from different regions,” said Jennifer Henshaw, a spokesperson for Nally, in response to questions about the Globe article. 

“We hope to have more to say in the months to come but cannot comment any further at this time due to confidentiality and commercial sensitivities.”

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Netflix’s subscriber growth slows as gains from password-sharing crackdown subside

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Netflix on Thursday reported that its subscriber growth slowed dramatically during the summer, a sign the huge gains from the video-streaming service’s crackdown on freeloading viewers is tapering off.

The 5.1 million subscribers that Netflix added during the July-September period represented a 42% decline from the total gained during the same time last year. Even so, the company’s revenue and profit rose at a faster pace than analysts had projected, according to FactSet Research.

Netflix ended September with 282.7 million worldwide subscribers — far more than any other streaming service.

The Los Gatos, California, company earned $2.36 billion, or $5.40 per share, a 41% increase from the same time last year. Revenue climbed 15% from a year ago to $9.82 billion. Netflix management predicted the company’s revenue will rise at the same 15% year-over-year pace during the October-December period, slightly than better than analysts have been expecting.

The strong financial performance in the past quarter coupled with the upbeat forecast eclipsed any worries about slowing subscriber growth. Netflix’s stock price surged nearly 4% in extended trading after the numbers came out, building upon a more than 40% increase in the company’s shares so far this year.

The past quarter’s subscriber gains were the lowest posted in any three-month period since the beginning of last year. That drop-off indicates Netflix is shifting to a new phase after reaping the benefits from a ban on the once-rampant practice of sharing account passwords that enabled an estimated 100 million people watch its popular service without paying for it.

The crackdown, triggered by a rare loss of subscribers coming out of the pandemic in 2022, helped Netflix add 57 million subscribers from June 2022 through this June — an average of more than 7 million per quarter, while many of its industry rivals have been struggling as households curbed their discretionary spending.

Netflix’s gains also were propelled by a low-priced version of its service that included commercials for the first time in its history. The company still is only getting a small fraction of its revenue from the 2-year-old advertising push, but Netflix is intensifying its focus on that segment of its business to help boost its profits.

In a letter to shareholder, Netflix reiterated previous cautionary notes about its expansion into advertising, though the low-priced option including commercials has become its fastest growing segment.

“We have much more work to do improving our offering for advertisers, which will be a priority over the next few years,” Netflix management wrote in the letter.

As part of its evolution, Netflix has been increasingly supplementing its lineup of scripted TV series and movies with live programming, such as a Labor Day spectacle featuring renowned glutton Joey Chestnut setting a world record for gorging on hot dogs in a showdown with his longtime nemesis Takeru Kobayashi.

Netflix will be trying to attract more viewer during the current quarter with a Nov. 15 fight pitting former heavyweight champion Mike Tyson against Jake Paul, a YouTube sensation turned boxer, and two National Football League games on Christmas Day.

The Canadian Press. All rights reserved.

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