Spur regional and provincial economies
The fertilizer production plant project represents investment in the amount of C$2 billions and annual operating expenditures of approximately C$270 million. The project seeks to spur the regional and provincial economies while developing fresh expertise for Québec in a growing market.
Main economic benefits include as follows:
- Creation of between 1000 and 1500 jobs during the three-year construction phase, and some 250 jobs, including some foreign workers, once the plant becomes operational, and 500 indirect jobs;
- Sustainable, quality jobs that develop new expertise in the Central Québec region;
- Direct and indirect economic benefits for the region, province and country in the form of tax revenues and business opportunities;
- Economic benefits for partner La Coop fédérée: Members to benefit from guaranteed supply as well as financial participation in IFFCO Canada;
- Economic benefits for the Government of Québec in its capacity of financial partner and for Bécancour Port and Industrial Park, a public corporation.
Enhanced control of supply
Currently, urea supply in Québec is dependent on the socioeconomic and political context of producing nations and market fluctuation which varies from year to year. A Québec-based plant would provide for enhanced control of supply and better meet the farmers’ needs by guaranteeing:
- Supply of quality fertilizer;
- Timely delivery: important given Québec’s short growing season;
- Competitively priced product having a lower carbon footprint, given reduced transport costs.
From importer to exporter
IFFCO Canada plans to build Québec’s first urea plant. By producing fertilizer locally, the company will contribute to the development and diversification of Québec’s industrial sector, and make it possible to:
- Develop new areas of expertise for Québec in a promising sector and transform Québec from importer to exporter;
- Seize a business opportunity which will provide access to international markets in the context of growing demand for urea-based products;
- Position Québec as a new and important player in the North American fertilizer industry.