Canada chems to raise capital investments by 60% in 2013 - survey

13 December 2012 15:37  [Source: ICIS news]

TORONTO (ICIS)--Canadian-based chemical producers expect to increase their capital investments by 60% in 2013 compared to this year, to Canadian dollar (C$) 2.70bn ($2.76bn, €2.11bn), a trade group said on Thursday, citing a survey.

Ottawa-based Chemistry Industry Association of Canada (CIAC) said that the increase in investments were the result of the country's reduced corporate tax rates, a positive policy environment, and access to competitively-priced raw materials such as shale gas.

“Our members clearly recognise that the time to invest in Canada is now," said Richard Paton, CIAC’s president and CEO.

"With the right combination of policies - including an extension of the federal accelerated capital cost allowance - our industry could secure even more investment, jobs and prosperity for generations of Canadians to come," Paton added.

In related industry news, government agency Statistics Canada said on Thursday that Canadian-based chemical producers had a plant capacity utilisation of 78.2% in the third quarter of 2012 – up from 77.9% in the 2012 second quarter and from 77.7% in the 2011 third quarter.

($1 = C$0.98, $1 = €0.76, C$1 = €0.78)

By: Stefan Baumgarten
+1 713 525 2653

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