Inside
â—† NEWS Rupert could pay for mill work, P. 3 â—† NEWS Kidney walk on Aug. 18, P. 6
â—† SPORTS Drag racing down to wire, P. 22 â—† CLASSIFIEDS, P. 15-21
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PROVINCIAL CAPITAL COMMISSION / THE NORTHERN CONNECTOR
Canadian bucks needed for refinery By Jeff Nagel
THE NORTHERN CONNECTOR
VANCOUVER - B.C. businessman David Black has been • Jack & Jill Bunk Beds forced to seek Canadian lenders • Queen Beds 41 to build his proposed oil refinery Stk # KEY1266 • ½ Ton Towable PER MONTH near Kitimat at the insistence of • Only $17,995.00 the Chinese bank that would act Stk. # 3694 .00 has the main financier. 212 The Industrial and Com.00 mercial Bank of China declined • Queen Bed 41 to fully finance the $25-billion • Booth Dining Area PER MONTH project, Black said, sending him • Only $18,995.00 to find a quarter of the required ForStk. more information call or drop by today # 3767 money within Canada. Contact us at: “It really came down to the sales@nor-burdrv.ca fact that they wanted some skin View ourin catalouge online andoforder the game out Canada and 24/7 - 365 days a year! they would put 75 per cent of the www.nor-burdrv.ca 250-635-6882 money up for the refinery,â€? he “All payments quoted include HST & admin feeâ€? Downpayment required OAC See Dealer for details. Rate subkect to change without notice. said Monday. Black has billed the project, announced a year ago, as a way
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to create thousands of jobs in B.C. refining Alberta crude oil while ensuring diluted bitumen isn’t shipped in tankers, eliminating one of the biggest objections to construction of the proposed Northern Gateway pipeline that could supply the crude. Black is advancing the project through his firm Kitimat Clean Ltd., but is also majority owner of the Black Press group of community newspapers, which include this paper. He said he believes he has found lenders in Canada but gave no details, except to say he does not intend to take on equity investors. “It’s too early to say where or how, but I think it’s there,� he said. “Financially, it’s going to work out.� He aims to file a project de-
scription with the provincial government in September to initiate the environmental review process. Black first announced his plan for a refinery to export refined petroleum products a year ago. None of the major North American oil companies have expressed any interest in financing or partnering on the refinery but Black said that’s no surprise. Oil extraction is traditionally more profitable than refining, he said, and the biggest energy firms may not want a new refinery competing against ones they already own. “I understand all that and decided early on I just had to find a way around that and I think I’ve found it.� The $25-billion cost includes
roughly $16 billion for the refinery – more than initially estimated due to a new refining process that promises to emit half as much greenhouse gas – with the rest covering a natural gas pipeline, a fleet of tankers and the cost of the oil pipeline, if necessary. Besides securing financing, Black said he must secure sites for the refinery and the marine terminal with the Kitselas and Haisla first nations, determine if inland first nations along the proposed pipeline corridor can come on board and to button down formal supply agreements with Canadian oil companies. He said an engineering firm from Calgary has endorsed the alternative refining process. See Refinery Page 3
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