The Provincial Government today invited applications under a new $5 million Energy Plan initiative designed to make strategic investments in large-scale, export-based petroleum fabrication and manufacturing and service provision opportunities.
"By helping our local companies compete globally, we hope to provide long-term sustainable business opportunities and employment growth in this sector," said the Honourable Kathy Dunderdale, Minister of Natural Resources. "It is government's intention to be responsive to the needs of our local business community with this program and we look forward to the first applications."
Minister Dunderdale invited applications under the Oil and Gas Manufacturing and Services Export Development Fund during an overview of the Energy Plan Wednesday at the Newfoundland Ocean Industries Association's (NOIA) fall seminar. The one-day seminar was entitled, "Building the Newfoundland and Labrador Energy Warehouse."
The guidelines and eligibility criteria for the fund are now available through the Department of Business, which is administering the program as part of the Business Attraction Fund announced in Budget 2007. The establishment of the fund was announced in the Energy Plan with an initial investment of $5 million.
"This fund is designed to support new opportunities for the export of oil and gas related equipment fabrication and manufacturing and the provision of services," said the Honourable Paul Oram, Minister of Business. "I encourage everyone in the local oil and gas supply and services sector to review the details of the program and consider ways that businesses can diversify their markets, products and services to win new export contracts. By doing this, business can create new revenues and jobs in our province."
Companies must have a proven track record, strong financial position and be able to demonstrate their managerial and financial capacity to undertake the work identified in the project proposal.
Applications will be reviewed by a management committee of Provincial Government officials from the departments of Natural Resources, Business, Finance, and Innovation, Trade and Rural Development.
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