Canada announces one of largest foreign direct investments at the World Economic Forum
News Release
Strategic Innovation Fund investment in $2.2 billion Nova Chemicals project helps create and maintain 2,200 jobs in Ontario and Alberta
January 23, 2018, Davos, Switzerland
The Government of Canada is creating well-paying middle-class jobs and growing the economy by investing in Canada’s chemical sector to promote innovation.
Today, the Honourable Navdeep Bains, Minister of Innovation, Science and Economic Development, announced an investment of $35 million in NOVA Chemicals under Canada’s Strategic Innovation Fund. Minister Bains made this announcement in Davos, Switzerland, as a part of his participation at the World Economic Forum.
This $2.2 billion investment in Canada by NOVA Chemicals will result in innovative and cleaner products and will help create and maintain 2,200 jobs in Alberta and Ontario.
NOVA Chemicals will also partner with local colleges and universities to conduct research and create work-integrated learning experiences that will give local students the skills they need to become job-ready.
This investment demonstrates that the Strategic Innovation Fund is attracting and supporting new high-quality business investments in Canada, accelerating areas of economic strength, and expanding the role of Canadian firms in regional and global supply chains.
Quotes
“In addition to helping create and maintain 2,200 jobs in Ontario and Alberta, the Strategic Innovation Fund investment in NOVA Chemicals will further R&D and innovation and will result in more environmentally friendly chemical production. This project demonstrates that Canada has the talent pool and the innovative economy global companies are looking for when they want to grow.”
– The Honourable Navdeep Bains, Minister of Innovation, Science and Economic Development
“We are pleased to support this major investment in Ontario’s chemical industry, which will create jobs, bolster innovation, drive R&D, and help ensure the Sarnia-Lambton region remains a global leader in chemical manufacturing for years to come.”
– The Honourable Steven Del Duca, Ontario Minister of Economic Development and Growth
“With our multi-billion dollar investment in Canada, we will expand NOVA Chemicals’ facilities in Ontario by over 50 percent, further develop our proprietary technology, and grow our already significant R&D and innovation capabilities in both Alberta and Ontario. We are grateful to the federal government for its support and are proud to enhance our asset base in Canada, provide stable, high-paying jobs and help make Canada an even bigger global player in the petrochemicals industry.”
– Naushad Jamani, Senior Vice President, Olefins and Feedstocks, NOVA Chemicals
Quick Facts
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NOVA Chemicals employs more than 2,200 people in Canada, which includes over 200 permanent full-time staff engaged in R&D.
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The funded project involves establishing a new polyethylene facility and expanding an existing ethylene facility in Ontario, and developing new catalyst manufacturing capabilities in Alberta.
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It is anticipated that NOVA Chemicals will complete this project by 2022.
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Canada’s $47-billion chemistry industry operates in every province, with key clusters in Ontario, Alberta and Quebec.
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Each job in the industry creates five jobs in other industries. The sector directly employs more than 87,000 Canadians and supports another 435,000 Canadian jobs.
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The Strategic Innovation Fund is a flexible program that reflects the diversity of innovation in all sectors of the economy.
Associated Links
Contacts
Follow Innovation, Science and Economic Development Canada on Twitter: @ISED_CA
Karl W. Sasseville
Press Secretary
Office of the Minister of Innovation, Science and Economic Development
343-291-2500
Media Relations
Innovation, Science and Economic Development Canada
343-291-1777
ic.mediarelations-mediasrelations.ic@canada.ca
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