Imperial's Major Investment in Canada

Imperial Announces Major Investment in Canada Imperial announced it will invest approximately CAD 720 million (USD 560 million) in the construction of its renewable diesel facility in Canada, further supporting Canada's net-zero objectives. The project at Imperial's Strathcona refinery near Edmonton is expected to initially produce over one billion litres of renewable diesel annually from locally-sourced feedstock and could help reduce greenhouse gas emissions in Canada's transportation sector by approximately 3 million tonnes per year as defined under Canada's Clean Fuel Regulations. Regulatory approval for the project is expected in the near term. Brad Corson, Chair and Chief Executive Officer of Imperial, said, "Imperial supports Canada's vision for a lower-emissions future and is making strategic investments to reduce greenhouse gas emissions from our own operations and help our customers in vital sectors of the economy reduce their emissions. "Our investment in the Strathcona refinery will provide immediate economic benefits to the local economy, create employment and contribute to a lower-emissions energy future for our employees, neighbours and communities." The renewable diesel project was initially announced in August 2021, when the Province of British Columbia supported the project through a Section 3 Agreement under the province's low-carbon fuel standard. A significant portion of the renewable diesel from Strathcona will be supplied to British Columbia to support the province's plan to reduce carbon emissions. Imperial also plans to use renewable diesel in its operations as part of the company's emission reduction plans. Imperial's renewable diesel facility will use low-carbon hydrogen produced with carbon capture and storage technology to help meet Canada's low-emissions fuel standards. Imperial has signed an agreement with Air Products for low-carbon hydrogen supply and is developing agreements with other third parties for renewable feedstock supply. Low-carbon hydrogen and renewable feedstock will be combined with a proprietary catalyst to produce premium low-emissions diesel fuel and reduce greenhouse gas emissions compared to conventional fuels. Site preparation and initial construction work are underway, with renewable diesel production expected to commence in 2025. With investments by project partners, the project is expected to create approximately 600 direct construction jobs, among other benefits. Source