Lloydminster, Alberta is about to get a major new upgrade in the form of an event facility meant to boost the region’s cultural and sports scene thanks to one of Alberta’s largest oil and gas companies.
Cenovus Energy has pledged $5 million towards the Cenovus Energy Hub, which will cover part of the construction costs and support community programming for the next 15 years.
The company says the investment reflects its long-standing support for Lloydminster and its residents, many of whom work for Cenovus.
“Investing in the communities where we operate is integral to how we do business,” said Jon McKenzie, Cenovus President & Chief Executive Officer.
“More than 2,000 of our staff and their families live and play in this region, and our contribution to the Cenovus Energy Hub is a great way to connect them and their neighbours through recreational activities, cultural programming and landmark events and celebrations.”
According to the company, Cenovus Energy Hub will be a state-of-the-art facility that will host a variety of events, from concerts and festivals to sports tournaments and trade shows.
It will also offer amenities such as a fitness centre, an indoor playground, a library and an art gallery. The facility aims to be the cornerstone of Lloydminster’s Event District, a planned area meant to revitalize the city’s downtown core.
The City of Lloydminster says the project will bring significant economic and social benefits to the region, attracting visitors and showcasing its potential on a national stage.
“I am thrilled to witness the collaboration between the City of Lloydminster and Cenovus as they join forces to support recreation and cultural opportunities for our community,” said Lloydminster Mayor Gerald Aalbers.
“This partnership signifies the importance of strong relationships between local government and corporate entities. Cenovus’s support will undoubtedly enhance the quality of life for our residents and visitors.”
The project has also received funding from the federal and provincial governments, which announced a joint contribution of $33 million in April 2023. The total cost of the project is estimated at $75 million.
Construction of the Cenovus Energy Hub is expected to start later this year and be completed by winter 2025.
The announcement of the Cenovus Energy Hub comes at a time when Alberta’s oil sands sector is seeing renewed interest from investors.
Earlier this month, ConocoPhillips Co., a Texas-based oil and gas company, announced a $4.4 billion deal to buy out its partner Total E&P Canada Ltd. in the Surmont oil sands project in Alberta.
Alberta Premier Danielle Smith welcomed the deal as a sign of confidence in her government’s pro-business policy.
“As I mentioned on election night – Alberta is open for business! It’s great to see this recent $4.4 billion dollar ‘vote of confidence’ in our economy,” tweeted Smith earlier this month.
