November 14, 2012
$15 billion upgrader gets green light
North West Redwater (NWR) Partnership is moving forward with the construction of a $15 billion bitumen upgrader near Fort Saskatchewan, Alberta, which could become the first facility in the world to fully incorporate carbon capture technology.
“This is absolutely spectacular news, which is very exciting for Alberta and Canada,” said James Gibbons, executive director of Building Trades of Alberta, which represents 16 trade unions with more than 75,000 union members in the trades.
“This particular project has been in the works for a long time and the building trades have been part of the discussion with the owners, as well as the planning.”
Last week, NWR announced that the board of directors of its partner companies has approved the construction of Phase 1 of the Sturgeon Refinery, which will have a capacity of 50,000 barrels per day and will cost an estimated $5.7 billion.
NWR is a partnership between North West Upgrading Inc. and Canadian Natural Upgrading Limited, a wholly owned subsidiary of Canadian Natural Resources Limited.
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|ALEX’S ECONOMICS BLOG|
Reed Construction Data Canada’s Chief Economist Alex Carrick discusses current developments in the North American economic environment with emphasis on the construction industry.
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