CBC News Posted: Mar 6, 2013 12:45 PM PT
A B.C. media mogul says he is very close to inking a deal to build a massive new crude oil refinery in Kitimat. Speaking to business leaders at the B.C. Chamber of Commerce in
Vancouver, newspaper publisher David Black said he plans to sign a
memorandum of understand within a month with an American investment firm
for the $25 billion project. "This refinery project, I believe, will be seen as the best business project of the century by the time it's done," he said. The plant, to be built north of Kitimat, would refine oil from the Alberta oilsands shipped either by pipeline or rail. Black says he's teamed with Oppenheimer Investments Group in the U.S. to raise the funds to proceed. The original $13 billion price tag of the refinery
itself has risen to $16 billion with the choice to implement new
technologies to reduce greenhouse gases, and other costs with the
project bring the total capital investment to $25 billion. (more)
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