Frequently Asked Questions
WHAT IS PACIFIC FUTURE ENERGY?
Pacific Future Energy Corporation is a Vancouver-based company developed to finance, design and construct the world’s greenest bitumen-to-fuels refinery in British Columbia, Canada.
One of our key principles is that First Nations are a First Order of Government. We will work together with the First Nations in the area to consider the project and to support informed decision-making. We are at the early stages of our relationships.
Our approach is “First Nations First”, which we respect as the new industry standard. We recognize and respect First Nations’ title and rights, the processes of the different First Nations, and their inter-relationships. We also respect their regulatory processes. We will proceed with our project only if we are welcomed and supported.
The management team consists of leaders from the venture-capital, corporate, energy, First Nations, engineering, and government sectors who fervently believe that a new approach is needed if Canada wants to gain new market access for Canada’s bitumen.
We believe that this new approach must include building the greenest bitumen refinery in the world, transporting our feedstock in the safest manner over land, and not shipping any bitumen in tankers on our northwest coastal waters, in accordance with the oil-tanker moratorium which is expected to be formalized and extended by the federal government in the spring of 2017. (Ottawa has made it clear that shipping refined fuels such as ours will be permitted under the tanker moratorium.)
On January 14, 2016, the company submitted its draft Project Description to federal and provincial environmental agencies. On June 17, 2016, we submitted our final “Project Description” document (taking into account all comments and feedback received). That kicked off a governmental review process that could take up to two years.
We see a unique opportunity to turn Western Canadian bitumen into high-value refined products for the world’s fastest-growing energy markets, while at the same time ensuring that the refining process and transportation follow the highest environmental standards.
WHY ARE YOU PROPOSING THIS REFINERY?
In short, it’s about opening up new market access for Western Canadian energy resources as refined fuels, to serve markets at home and abroad, especially fast-growing and future markets in Asia, via British Columbia. It’s also about environmental stewardship, sustainable solutions, and keeping large tankers carrying bitumen or heavy crude oil off our BC waters.
By refining bitumen on Canada’s West Coast, we will add value to one of the world’s largest energy resources. We will keep money at home, to help pay for education, healthcare and other public services, to provide long-term jobs, and to export less in jobs and value to other countries.
Canada has the third-largest oil reserves in the world, but that oil is in effect “trapped”—more than 97% of Canadian oil exports go to just one customer: the USA. And if there’s only one customer, we all know who sets the price. Lack of access to overseas markets costs Canada an estimated $20 billion a year. Our refinery will help bring some of that revenue home.
The U.S. is increasing the output of its own oil, at the same time. That’s one more reason why we need to enter Asian markets.
The Asian Development Bank predicts that Asia-Pacific nations will increase their energy demand by 67% by 2035. We will help meet that demand, in a more environmentally and socially sustainable way than anyone in the refining industry to date.
WHAT DOES “NEAR ZERO NET CARBON” MEAN?
Pacific Future Energy plans to build a refinery that will refine bitumen from Western Canadian oilsands into diesel, gasoline, aviation fuel and other products.
Our plan is for a Near Zero Net Carbon Emissions facility—as close as we can possibly get to zero carbon emissions with the latest in equipment and the latest in technology and skills, in an economically feasible fashion.
Some important features:
- Use of the best available technology and the highest possible operational efficiency to process Canadian resources;
- The highest amount of water recycling and treatment;
- Maximum recovery of carbon dioxide;
- The use of clean energy to power the refinery;
- Capturing carbon from various processes
To those, add the smallest environmental footprint.
Our products will be of the highest environmental standard, and we will produce no coke. That’s important, as coke products are a significant source of greenhouse gas emissions associated with traditional refineries.
There is overwhelming scientific evidence that our planet’s climate is changing due to the use of fossil fuels. Innovative solutions will be required for the world to achieve its goal of limiting temperature change to 1.5 degrees from pre-industrial levels. We believe that our “Near Zero Net Carbon Emissions” facility will be one of those innovative solutions, given that it will significantly reduce the overall carbon impact of the upstream feedstock we will be refining.