Alberta’s Industrial Heartland Association (AIHA) hosted its annual Stakeholder Event on Thursday, January 17 in Edmonton. CIAC was in attendance and was one of many event sponsors. Attendees heard industry updates from several companies building and operating in the region including CIAC’s newest member – Inter Pipeline and their Heartland Petrochemical Complex currently under construction. The event was attended by the Premier, Members of her Cabinet and Caucus, as well as members of the Official Opposition. The Premier reaffirmed the Alberta government’s focus on diversifying province’s economy through resource value add manufacturing and upgrading.
Mark Eramo, Vice President of Global Business Development for Oil, Midstream, Downstream & Chemical at IHS Markit was the feature speaker and focused his remarks on the state of the global chemical industry. Points of interest to the chemistry industry in Canada include:
- High crude prices and low-cost natural gas attracting North American chemical investments;
- China and US investment continues at rapid pace, with modest growth in other regions;
- Chemical Industry in a prolonged peak earnings cycle with potential risks for the mid-2020s as current strong margins in gas-based chemistry drive new investment with the potential for global economic slowdown and reduced demand;
- Decline in demand for refined products will see a shift in crude to chemicals with new refinery configurations and technology producing larger quantities of chemicals in greater scale;
- Sustainability issues for sector remain focused on carbon, however water and plastic will continue to be priority issues for the industry.
This year’s Stakeholder Event was the largest yet for AIHA with over 1,000 people in attendance. CIAC congratulates AIHA on once again raising the bar on stakeholder engagement.