Report on development activities in 2002
A positive year for Société générale de financement du Québec
Montréal, December 27, 2002 - In 2002, Société générale de financement du Québec (SGF) undertook 42 new projects totalling over $3 billion in investments. These projects with private sector partners will require SGF to invest approximately $635 million.
These new investments are in sectors that are promising for the future of Québec, namely resource-based industries and the new economy. SGF and its partners have initiated 26 new projects amounting to $2.2 billion in investments in various resource sectors. A further $800 million will be invested in 16 new projects related to the new economy.
Work also continued in 2002 on some major construction projects with a total value of $1.5 billion, including the Interquisa plant in the east end of Montréal, the Kruger Wayagamack plant in Trois-Rivières and the Gaspésia plant in Chandler. New projects included the start of construction on the first world-scale polytrimethylene terephthalate (PTT) production facility in the east end of Montréal with Shell Chemicals Canada ($160 million project) and Phase II of Aluminerie Alouette representing a total investment of $1.4 billion.
During the year, SGF divested itself of net assets totalling $481 million in six projects: Aluminerie Alouette, Domtar, Phillips-Fitel, Patrimoine des eaux du Québec, Composts du Québec and Preverco.
"In terms of new alliances, SGF attracted 15 new foreign partners with whom it developed investment projects amounting to nearly $1.8 billion. SGF now has 65 foreign partners", said Claude Blanchet, Chair of the Board, President and Chief Executive Officer.
The 42 new investment projects will result in the creation of 6,100 direct and indirect jobs in the operating phase and over 7,000 jobs in the construction and start-up phase. 92% of the jobs in the operating phase are in medium and high knowledge-intensive industries.
"By the end of this fiscal year, the amount invested by SGF and its partners since 1998 will total $10.5 billion. This is equivalent to more than 30% of the capital expenditures in the manufacturing sector during this period. We have not only achieved our five-year objective of $10 billion, we have surpassed it", Blanchet added.
The mission of the Société générale de financement du Québec (SGF) is to carry out economic development projects in cooperation with partners and in accordance with accepted requirements for profitability. As of September 30, 2002, SGF’s consolidated assets totaled $3.1 billion. (www.sgfqc.com)
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