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Inter Pipeline Ltd.’s Heartland Petrochemical Complex (HPC) is the first successful recipient of the revamped Alberta Petrochemicals Incentive Program (APIP).
On Monday, April 5, IPL announced it will receive $408 million from the province for its HPC site located in northern Strathcona County.
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“The APIP grant recognizes the significant contribution HPC has and will continue to make to the Alberta economy,” Christian Bayle, Inter Pipeline’s president and chief executive officer stated in a company press release. “HPC’s construction has created thousands of well-paid technical, manufacturing and construction jobs over its multi-year build and has been a symbol of hope during difficult economic times for the Province. In total, we expect that roughly $3 billion or three-quarters of the p
Inter Pipeline s Heartland Petrochemical Complex to receive $408M grant
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Inter Pipeline s Heartland Petrochemical Complex to receive $408M grant
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Inter Pipeline to get $325 MM cash grant to develop petrochemical complex
4/5/2021
Inter Pipeline Ltd said it would receive $325.15 million under the Alberta Petrochemicals Incentive Program to develop its Heartland Petrochemical Complex in the province.
The incentive comes as Inter is in the middle of a takeover battle with Investment firm Brookfield Infrastructure Partners , which launched a hostile C$7.1 billion bid for the pipeline operator in February.
APIP is an incentive program introduced by the Government of Alberta to attract investment into the development of petrochemical facilities in the region.
The cash grant will be paid to Inter Pipeline in equal installments over three years once the Heartland Petrochemical Complex is operational, the company said.
Brookfield under pressure to hike takeover bid after Inter Pipeline lands $408-million grant for petrochemical complex
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