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CNRL joins upgrader project
A proposed Redwater-area upgrader got a shot in the arm Thursday by attracting a heavy-hitting partner to supply some of the needed bitumen feedstock, and financial and technical support.
North West Upgrading, which has already spent about $300 million -- including $100 million for major equipment sitting in storage -- will be joined by Canadian Natural Resources Ltd. on the $4-billion project that could be operating by 2013.
North West will remain as the project operator, and the 50/50 joint venture is anticipated to close later this year.
North West was one of several bidders for Alberta`s bitumen royalty in kind (BRIK) program, which initially will sell 75,000 barrels per day to firms that agree to "add value" or upgrade the raw product. Submissions closed late Wednesday.
North West is applying for 37,500 bpd for its first phase, with an additional 12,500 bpd coming from CNRL. When diluent is added to that raw bitumen, the feedstock will equal 77,000 bpd, and because of its efficiencies, the output will also be 77,000 bpd.
Imperial is also bidding under BRIK, as are several other firms that have not been identified.
Read the full article here.
A proposed Redwater-area upgrader got a shot in the arm Thursday by attracting a heavy-hitting partner to supply some of the needed bitumen feedstock, and financial and technical support.
North West Upgrading, which has already spent about $300 million -- including $100 million for major equipment sitting in storage -- will be joined by Canadian Natural Resources Ltd. on the $4-billion project that could be operating by 2013.
North West will remain as the project operator, and the 50/50 joint venture is anticipated to close later this year.
North West was one of several bidders for Alberta`s bitumen royalty in kind (BRIK) program, which initially will sell 75,000 barrels per day to firms that agree to "add value" or upgrade the raw product. Submissions closed late Wednesday.
North West is applying for 37,500 bpd for its first phase, with an additional 12,500 bpd coming from CNRL. When diluent is added to that raw bitumen, the feedstock will equal 77,000 bpd, and because of its efficiencies, the output will also be 77,000 bpd.
Imperial is also bidding under BRIK, as are several other firms that have not been identified.
Read the full article here.