The project will include a state-of-the-art world scale oil refinery at Kitimat. It may also include a pipeline between Edmonton and Kitimat, a marine terminal, and a fleet of tankers for the refined fuels. The total cost could amount to $25 billion. It will be the largest investment in BC in the history of the province. It will also provide far more permanent jobs than any other investment has done and generate very large tax revenues for the government.
LIU Yanping, Deputy Head of Corporate Banking Department, and HUANG Jifa, Deputy Head of Investment Banking Department, signing on behalf of ICBC, stated “We are very pleased to be working toward a comprehensive agreement to finance a refinery in Canada which is planning to export refined fuels to China and other Asian countries in the future.”
David Black, owner of Kitimat Clean, said “A great advantage of the refinery is that it will prevent the shipment of bitumen in tankers off BC’s mid-coast. In addition it will reduce global greenhouse gas emissions because it will replace refineries elsewhere that are built to less stringent environmental standards.”