Will Irving thwart Newfoundland and Labrador's attempt to build refineries?
Oilweek Magazine has an interesting article on new refineries on the East Coast...
Here are some sample quotes from the article:
Within weeks, Irving Oil is expected to announce if it will seek environmental permits to build a second, $5-billion to $7-billion refinery in Saint John, N.B., by 2012.
“Location, location, location and when added with entrepreneurial spirit, we‘ll see the oldest incorporated city in the Dominion of Canada becoming the major energy hub for the northern Atlantic region of North America,‘‘ predicts Ian Doig, the editor of the oil and gas newsletter Doig‘s Digest, in his most recent issue.
Meanwhile, expansion of production facilities have also been proposed in Placentia Bay, N.L., where Altius Resources Inc. (TSX:ALS) and European investors have spent $7 million studying the viability of a second refinery in the Southern Head area.
In the Strait of Canso region of Nova Scotia, American energy services company Headwaters Inc. of Utah has been making inquiries with municipal officials on locating a refinery in the area.
On the financial side, if Irving builds first, “it will take a good part of the forthcoming demand in the New England market away,‘‘ and leave other projects in question, Doig argues in his newsletter.
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