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Company News

Canada's Alberta offers loan guarantee for oil upgrading plant

Jan 22 (Reuters) - Canada’s biggest oil-producing province of Alberta said on Tuesday that it would provide a C$440 million ($330 million) loan guarantee for a planned C$2 billion ($1.5 billion) oil partial upgrading facility, aiming to push more crude through its full pipelines.

Alberta Premier Rachel Notley said her government had signed a letter of intent for the loan guarantee to private company Value Creation Inc, which intends to make a final investment decision by year-end on building the facility near Edmonton. ($1 = 1.3347 Canadian dollars) ($1 = 1.3347 Canadian dollars) (Reporting by Rod Nickel in Winnipeg, Manitoba; editing by G Crosse)

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