* Says has been allocated C$33.1 million in credits
* To develop number of qualifying projects
Oct 13 (Reuters) - Fraser Papers Inc said it received C$33.1 million ($31.98 million) in credits under Canada's Green Transformation Program based on its black liquor production.
Paper manufacturers generally burn a biofuel called 'black liquor' -- a by-product obtained while processing wood to get pulp for making paper -- to power mills.
Earlier this year, the Canadian government approved a C$1 billion ($966.2 million) aid for the country's pulp and paper producers, aimed at offsetting the tax windfall enjoyed by U.S. rivals..
Fraser said it is developing plans for a number of qualifying projects and expects to submit them for approval in coming weeks.
Fraser, which filed for creditor protection in June, will receive the funds as a reimbursement of amounts invested in qualifying capital projects before March 31, 2012.
($1=1.035 Canadian Dollar)
(Reporting by Thyagaraju Adinarayan; Editing by Anil D'Silva) Keywords: FRASER/ (thyagaraju.adinarayan@thomsonreuters.com; within U.S. +1 646 223 8780; outside U.S. +91 80 4135 5800; Reuters Messaging: thyagaraju.adinarayan.reuters.com@reuters.net) COPYRIGHT Copyright Thomson Reuters 2009. All rights reserved. The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters.
* To develop number of qualifying projects
Oct 13 (Reuters) - Fraser Papers Inc said it received C$33.1 million ($31.98 million) in credits under Canada's Green Transformation Program based on its black liquor production.
Paper manufacturers generally burn a biofuel called 'black liquor' -- a by-product obtained while processing wood to get pulp for making paper -- to power mills.
Earlier this year, the Canadian government approved a C$1 billion ($966.2 million) aid for the country's pulp and paper producers, aimed at offsetting the tax windfall enjoyed by U.S. rivals..
Fraser said it is developing plans for a number of qualifying projects and expects to submit them for approval in coming weeks.
Fraser, which filed for creditor protection in June, will receive the funds as a reimbursement of amounts invested in qualifying capital projects before March 31, 2012.
($1=1.035 Canadian Dollar)
(Reporting by Thyagaraju Adinarayan; Editing by Anil D'Silva) Keywords: FRASER/ (thyagaraju.adinarayan@thomsonreuters.com; within U.S. +1 646 223 8780; outside U.S. +91 80 4135 5800; Reuters Messaging: thyagaraju.adinarayan.reuters.com@reuters.net) COPYRIGHT Copyright Thomson Reuters 2009. All rights reserved. The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters.