VANCOUVER (NEWS1130) – There is another proposal for a refinery in BC to process heavy oil from Alberta, but details are few.
Pacific Future Energy describes itself as a company created to build what it predicts will be a $10-billion bitumen refinery on the North Coast.
Chairman Samer Salameh says he has more than two decades of experience with large infrastructure projects and the number does not matter as much as the financial model of the project.
“Whether it’s $10 billion, $15 billion or $5 billion, that’s not really the issue for me. It is ‘Do you have the cash flow to pay back the investors?’ In this particular case, this is a very healthy project.”
Salameh, an executive with Mexico’s Grupo Salinas, says there is funding in place to go through site selection, talks with First Nations, and initial conversations with the federal and provincial governments. He says the process would take about a year and a half.
The company says it will be the “greenest” refinery in the world, powered by natural gas and renewable energy to reduce emissions by 40 per cent. It says the refinery would start by processing 200,000 barrels of bitumen a day, eventually expanding to one million.
Salameh has a background in telecom and other infrastructure projects. He was in Vancouver a few months ago and found no credible solutions to the issues of exporting oil to Asia.
“There’s such a demand for the refinery to be built here in BC to solve many problems, both in terms of production, needs for an output for the oil out of Alberta to the Asian markets.”
An earlier proposal for a $25 billion refinery and pipeline project is still trying to drum up support. It’s the idea of BC newspaper magnate David Black.