Canada’s Petrochemical Industry in Trouble?

According to a new Stats Canada report, petrochemical feedstock production in Canada in January 2009 was down 54% compared to January 2008.

Petrochemical feedstocks, are used by the petrochemical industry to produce chemicals, synthetic rubber and a variety of plastics.

According to a speech 2005 speech by a key Dow Chemical executive. Dr. Ramesh Ramachandran, President of Dow Chemical Canada Inc. (North American Petrochemicals: Walking a Tight Rope) –

..the petrochemicals industry is Canada’s third largest within the manufacturing sector and Alberta’s second-largest industry. Petrochemicals are a nexus in Canadian industry that bridges the resource sector with manufacturing, retail, transportation and others.

Stats Canada reports that in 2008 the petrochemical industry (which uses petrochemical feedstock) was responsible for shipping product valued at $6.6B, and employing approximately 1,280 people.

A 54% reduction in petrochemical feedstock production is likely to reflect heavily on the health of this industry – anyone seen any news on this?

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