Sturgeon refinery is a solid investment in Alberta's future, say Conference Board

EDMONTON, ALBERTA--(Marketwired - Dec. 5, 2016) - A report from the non-partisan Conference Board of Canada shows that refining and upgrading in Canada makes economic sense.

The report "Is There Value In Adding Value" was released on Monday, and shows a wide range of economic benefits from the government's investment in the refinery, including 75,774 person years of total employment during construction, and 6,658 full-time jobs during the operational life of the refinery.

"This report confirms what we've been saying for years -- that adding value to our resources through upgrading and refining makes sense for the province and for the country," Alberta Federation of Labour president Gil McGowan said. "This provides the path forward for the province in these difficult economic times."

The report also shows that jobs in value-added industries are more stable than other jobs in the energy sector -- even when oil prices are low.

"These jobs thrive in both high- and low-oil-price environments," McGowan said. "Which is exactly what the Alberta economy needs right now to build a foundation for long-term prosperity."

During the construction phase of the project (2007-2017) the project added:

• $7.9 billion to the Canadian GDP
• 75,774 person years of total employment
• $1.9 billion in government revenues

During the operational lifetime of the refinery (2017-2047) the project is estimated to add:

• An annual $2.3 billion to the Canadian GDP
• 6,658 full-time permanent jobs
• Add $385 million per year in government revenues