Chevron Canada contributes $2 million in support of students
Chevron Canada Limited and Memorial University of Newfoundland announced a significant expansion of their partnership recently.
A financial contribution of $2 million will be made by Chevron Canada to Memorial to fund scholarships, bursaries and international co-operative education opportunities. This gift from Chevron Canada Limited is the single largest contribution toward student financial support that Memorial University has ever received.
The funding will be provided to Memorial this year and will flow to both undergraduate and graduate students studying at the university during the next 10-plus years. Students studying engineering, earth sciences, business and economics will be eligible for the various awards.
"At Chevron, we believe that business success is linked strongly to society's progress," said Rhonda Zygocki, executive vice-president (policy and planning), Chevron Corporation. "Our investments in communities around the world, including the investment announced today to benefit Memorial University students, are also investments in the long-term success of our company."
"This generous contribution from Chevron Canada will significantly enhance Memorial's capacity to financially support students in these key academic areas," said Dr. Gary Kachanoski, president and vice-chancellor, Memorial University. "By investing in students in this way, Chevron is providing essential assistance as well as invaluable academic encouragement, laying important groundwork for their future achievements."
The $2 million in funding will be distributed in the following manner:
• $900,000 of the funding will be used for graduate student support. Commencing in 2012, six merit-based Rising Star Awards valued at $15,000 each will be provided annually for 10 years. Approximately 80 per cent of these awards will be provided to earth sciences student applicants;
• $480,000 of the funding will be used to provide 12 undergraduate awards of $4,000 each annually for 10 years, starting this year;
• $420,000 will be used to create an endowment fund that will provide up to eight annual undergraduate awards in perpetuity, starting this year. Initially, these awards will be valued at $2,000 each;
• $200,000 will be used to create a term fund for international co-operative education support. Starting in 2012, three international placements will be supported annually; two at $7,500 and one at $5,000.
Priority for these awards on an annual basis will be for applicants who are taking a work term with an employer in the oil and gas industry.
"Chevron Canada is a proud, long-standing member of the Newfoundland and Labrador community," said Mark MacLeod, Atlantic Canada vice-president, Chevron Canada. "We are proud of the many partnerships we have established in the province, and we look forward to growing our very successful partnership with Memorial University of Newfoundland even further."
In 2008, Memorial was selected for Chevron Corporation's University Partnership Program. Through this program, support is provided to a global network of more than 95 colleges and universities to develop talent in key academic disciplines, foster research capacity, increase community engagement and build relationships critical to the global workforce and meeting the world's energy demands.