In Canada, the petrochemical industry is booming and it is anticipated that the demand for Low-Cost Natural Gas Feedstock that was lost in 2020 due to the global pandemic will recover by 2021. This demand will be further strengthened by the growth in the Asia Pacific region, as China and other emerging markets in Asia recover and will want cheap natural gas feedstock for their petrochemical industries, transportation, heating, cooking, and generation of electricity.
Diversification of the Petrochemical Industry in Canada
Canada has the third-largest oil reserves in the world and about 99% of the oil products are exported to the US. However, when oil prices dipped and the oil-producing nations reduced their output, the oil industry in Canada experienced losses. Nonetheless, the petrochemical industry in the country had already diversified to natural gas.
Today, Petrochemical Manufacturing in Canada not only focuses on petrochemical products and byproducts but also focuses on natural gas and natural gas feedstock production. Canada has huge reserves of natural gas, especially in Alberta. Based on how much Canada presently consumes, the natural gas reserves will last the country for the next 300 years and it will still have sufficient left over for export.
As the world grapples with greenhouse emissions, it is anticipated that natural gas can meet the growing demand for energy across the world. It can replace coal and that, in turn, will reduce the emissions and resultant climate change.
Furthermore, Greenview Industrial Gateway is located on the CanAmex Heavy Load Corridor and has access to full-capacity rail as well as pipeline and other utility infrastructure. Hence, it offers easy and reliable access to the northwest. Also, Alberta is ideally positioned to cater to the natural gas and petrochemicals demands in central and western United States.
As Canada and the rest of the world begin vaccination their citizens, the petrochemicals industries in the country are poised for growth. A lot of this growth is based on low-cost natural gas feedstock and tax incentives provided by the government. It is anticipated that the petrochemical industry will expand and create job opportunities in the local communities.