China petro chemical company can’t get oil and gas licences in Canada
CANADA — The Canada-China petro chemicals industry is trying to get approval to build a new facility in Sarnia, Ont., in an effort to boost its global market share in Canada.
China Petroleum Corporation (CPC) said in a statement that the approval would provide a boost to its global production and help strengthen the company’s position in the world’s second-largest oil market.
The company also said it will spend about $600 million to develop the facility, and plans to create more than 10,000 jobs.
The decision comes after the federal government last year ordered a $6 billion investment in the petro-chemical sector, in an attempt to boost the domestic industry’s share in the oil and natural gas market to 12 percent from 6.4 percent.
The company said the investment will create up to 100,000 new jobs in Ontario and help boost the company “to meet our growth goals.”CPC said the expansion is expected to begin in 2020 and be completed by 2025.
CPC is the world leader in the production of ethylene glycol and propylene glybutene, the main ingredient in paints, lubricants, coatings and other products.
It has been one of the world top five producers of ethyl propylene, the chemical that gives plastics their strength and smoothness.