Andrew Furey, Premier of Newfoundland and Labrador, recently announced $15.1M in funding to support the Port of Argentia Cooper Cove Marine Terminal Expansion Project through the Innovation and Business Development Fund (IBDF).
“This comes on top of the $38 million committed by then federal Transport Minister Omar Alghabra last July under the National Trade Corridors Fund,” said Ray Greene, the port’s Manager of Development and Marketing.
The $60 million, multi-year program, being administered by the Department of Industry, Energy and Technology, was established in 2018 to grow and diversify the Province’s oil and gas supply and service capabilities. In response to the growing renewable energy sector, the program guidelines have been updated to include backing initiatives in renewable energy.
Port of Argentia will carry out the project to develop a multi-purpose, marine support and service base in the area of Cooper Cove in Argentia Harbour. It is designed to support the Province’s growing offshore industry as well as innovative renewable energy projects.
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