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Media tycoon David Black’s proposed Kitimat refinery gets Chinese backing

Financial Post -- BC newspaper publisher David Black said China’s largest bank has agreed to provide financial backing for his proposed Kitimat-based heavy oil refinery.

The refinery would cost $25-B to build and all its output would be sold to Asian markets.

Chinese companies will be involved in the engineering and construction of the refinery, but ownership will remain in Canadian hands.

China’s financial backing removes the main hurdle to the project, which has been downplayed by the Canadian oil community.

The refinery will prevent the shipment of bitumen in tankers off BC’s coast and reduce global greenhouse gas emissions by replacing other refineries with less stringent environmental standards.


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Submitted Apr 19, 2013 By: Nicoalbum
Category: Daily News Article Discussions > Topics Add to favorite topics  
Author Topic: Media tycoon David Black’s proposed Kitimat refinery gets Chinese backing Back to Topics
REPLIES (newest first) Post a Reply
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Straitliner
Champion Author Illinois

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Message Posted: Apr 20, 2013 6:09:47 AM

If you cant come up with the money on your own then you dont need it. Stop having other countries invest in things.
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qwerty17
Champion Author New Jersey

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Message Posted: Apr 19, 2013 11:45:16 PM

beware the red menace.
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CdnLynx
Champion Author Ontario

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Message Posted: Apr 19, 2013 6:45:26 PM

buddy2264 -
You need to read, I even found the info for you; America takes 97% of the Cdn oil presently, only 3% goes elsewhere. You keep spewing urban legends that it going elsewhere to Asia.

Trudat316 -
Stated "US will build a pipeline across America's heartland to service the Chinese, with no real gain to the American public. The profits would be private. The risks would be socialized."
---------------
And what are you going to put in that pipeline, fracking waste water (rhetorical); seeing that America is already using 97% of Cdn Oil. Cdn oil is presently selling less then WTI or OPEC; so cut off your nose to spite your face and pay OPEC, Russia, Columbia, and others, even more money and your presently complaining of what you must pay at the pump now; imagine paying European prices or higher, sooner as opposed to later! GEESH!!!!
Take that tin foil off your noggins and start to think then constantly spewing urban legends/rhetoric!


[Edited by: CdnLynx at 4/19/2013 6:46:30 PM EST]
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doctorindyj
Champion Author Santa Fe

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Message Posted: Apr 19, 2013 2:45:29 PM

If we don't get it someone else with deep pockets will.
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wrunner
Champion Author Virginia

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Message Posted: Apr 19, 2013 12:50:51 PM

Say no to the Sino.

China needs all the assets it can get it's hands on in the shortest amount of time.

Beware and be forewarned.

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mastermariner
Champion Author Texas

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Message Posted: Apr 19, 2013 9:37:15 AM

The Chinese are smart, they are doing this in Africa as well.
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merlinCO
Champion Author Colorado

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Message Posted: Apr 19, 2013 8:52:06 AM

Wow, they are finally getting it.....
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txequitygas
Champion Author Houston

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Message Posted: Apr 19, 2013 8:48:12 AM

does this mean we build the pipeline after they have build half this plant..
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scottyiam
Champion Author Reading

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Message Posted: Apr 19, 2013 8:00:49 AM

Careful, China owns much of African reserves now
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Tacodan
Champion Author Cincinnati

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Message Posted: Apr 19, 2013 7:23:12 AM

^¿^
-----
thank you
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jimbeaux53
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Message Posted: Apr 19, 2013 7:09:17 AM

No need for Keystone!
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Trudat316
Veteran Author Missouri

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Message Posted: Apr 19, 2013 6:59:44 AM

Do it dude! Otherwise, we in the US will build a pipeline across America's heartland to service the Chinese, with no real gain to the American public. The profits would be private. The risks would be socialized.
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USMCturtlehead
Champion Author Lexington

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Message Posted: Apr 19, 2013 6:13:14 AM

Put up or Shut up.
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mrjames1818
Champion Author New Jersey

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Message Posted: Apr 19, 2013 5:30:45 AM

djgunrunner is right
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Buddy2264
Champion Author Tampa

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Message Posted: Apr 19, 2013 3:51:33 AM

This is the same reason they want the pipeline to move oil to the Gulf and sell off the fuels.
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djgunrunner
Champion Author Salt Lake City

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Message Posted: Apr 19, 2013 3:38:47 AM

Talk about selling your soul to the devil.
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humblepie
Champion Author Toledo

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Message Posted: Apr 19, 2013 3:35:57 AM

or we could build the xl and dump opec
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eyegotgas2
Champion Author British Columbia

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Message Posted: Apr 19, 2013 3:35:23 AM

The US had first dibs on the product but they may never approve the pipeline.

You would of got the product and the refinery jobs not to mention the pipeline jobs
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BALRSTATUS
Champion Author Grand Rapids

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Message Posted: Apr 19, 2013 2:22:54 AM

what
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charg3rguy1991
Champion Author Greensboro

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Message Posted: Apr 19, 2013 1:57:28 AM

Ewwwww chinese
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Z51Corvette
Champion Author Austin

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Message Posted: Apr 19, 2013 1:44:28 AM

Come on... Potus has pushed stuff like this to happen... cut taxes and keep the companies stateside.
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RENEGADEGAS
Champion Author Missouri

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Message Posted: Apr 19, 2013 1:37:57 AM

Once again, the US loses.
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snagged
Veteran Author Akron

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Message Posted: Apr 19, 2013 1:34:54 AM

There beating us to the punch.
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teamsimons
Champion Author South Carolina

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Message Posted: Apr 19, 2013 1:26:25 AM

We're surprised that the USA hasn't intervened in this. Of course, it is Canada's (or British Columbia's) right to sell to whomever they desire. What impact will this have on gas prices?
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CdnLynx
Champion Author Ontario

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Message Posted: Apr 19, 2013 1:26:11 AM

Fracking (particularly horizontal) of existing and old fossil fuel wells in America, increases production in the short term and they expend what well life that remained even quicker!
Canada presently ships 97% of its energy to the U.S at present;

2012 Annual Exports to Destinations (choose 2012 excel document)

Now if America shuts out the XL pipeline and American wells are no longer productive; it will leave only other foreign sources, OPEC, Russia, Norway, Mexico, Columbia, with the exception of Mexico, your energy security will be less secure; the only reason I do not include Norway or other friendly off-shore countries is due to distance and the protection of the see routes during time of possible conflict!
Its fine to be concerned with the environment, I am also; its not pragmatic though, a good portion of America must endure winter and without fossil fuels, it would be far more unbearable!
I am sure that Canada even with foreign backing will still be in control of its resources for its own domestic use and for foreign markets in addition to Asia.
However with in placed shipping to gulf refineries ensures that future energy security.
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wally52
Champion Author Little Rock

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Message Posted: Apr 19, 2013 1:25:55 AM

China will do anything to get the oil.
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rd2000
Champion Author Florida

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Message Posted: Apr 19, 2013 1:23:15 AM

this is not goood
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boatmen
Champion Author New York

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Message Posted: Apr 19, 2013 1:22:59 AM

Why not they own most everything now
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shopnshop
Champion Author Dallas

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Message Posted: Apr 19, 2013 1:22:54 AM

shipping oil to china
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kd5kpd
Champion Author Texas

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Message Posted: Apr 19, 2013 1:21:20 AM

Selling out to the Chinese.
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mygaz
All-Star Author Illinois

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Message Posted: Apr 19, 2013 1:20:59 AM

There goes the pipeline.
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DirtDauber
Champion Author San Antonio

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Message Posted: Apr 19, 2013 1:19:43 AM

There she goes.
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TXryder
Champion Author Texas

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Message Posted: Apr 19, 2013 1:19:07 AM

Communist invasion. Invest in a risky operation. When it fails the loan default allows the Chinese to own what is left including the land. Red Alert!
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REVLAW
Champion Author San Antonio

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Message Posted: Apr 19, 2013 1:18:41 AM

Sort of depends on the definition of "ownership". Sometimes it is only a facade.
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BigHorne1
Champion Author Missouri

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Message Posted: Apr 19, 2013 1:18:16 AM

There goes the kitchen sink.
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Kawibiker
Champion Author Illinois

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Message Posted: Apr 19, 2013 1:16:38 AM

China is tying up the world by lending money for projects that they will get a return on.. in this case money and gas etc.. China will own the world..
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regout
Champion Author Quebec

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Message Posted: Apr 19, 2013 1:16:33 AM

When I was young we bought little Chinese and now they bought us.
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Spankster85
Champion Author Chicago

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Message Posted: Apr 19, 2013 1:15:34 AM

That's a lot of money for a damn oil refinery.
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pepinoNC
Champion Author Raleigh

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Message Posted: Apr 19, 2013 1:15:30 AM

Now lets build the pipeline so the Chinese can get their oil.
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iFueler
Champion Author Durham

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Message Posted: Apr 19, 2013 1:15:12 AM


     interesting
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DEG
Champion Author Las Vegas

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Message Posted: Apr 19, 2013 1:13:58 AM

The Chinese are making sound investments in their future while Obama is destroying our future.
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Dragnet
Champion Author Arizona

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Message Posted: Apr 19, 2013 1:13:27 AM

That's right, the Chinese own us
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Prodaddy
Champion Author Houston

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Message Posted: Apr 19, 2013 1:10:32 AM

This is a huge investment, i hope they know what they are doing
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scorpiogg
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Message Posted: Apr 19, 2013 1:08:59 AM

ok
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Ron77095
Champion Author Houston

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Message Posted: Apr 19, 2013 1:08:04 AM

ok.
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TBONE3
Champion Author Pennsylvania

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Message Posted: Apr 19, 2013 1:04:05 AM

Canada better be careful who they "play" with!
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jkpsr
Champion Author New Jersey

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Message Posted: Apr 19, 2013 12:59:42 AM

They need the oil products.
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ThunderBird89
Champion Author Columbus

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Message Posted: Apr 19, 2013 12:56:58 AM

China financing with American dollars printer by obummer, and the rest of the world benefits while the average American wage earner pays the whole tab.
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bridgerunner
Champion Author Virginia

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Message Posted: Apr 19, 2013 12:55:36 AM

Not a good idea, but they (Canada) were pretty much out of options.
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MikeCapeCoral
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Message Posted: Apr 19, 2013 12:55:17 AM

Who else is financing this country?
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