The financial statements as of Dec. 31, 2019 are contained within Alberta Energy's annual report, which was released last week. “We think it’s the right thing to do,” North West Refining president and CEO Ian MacGregor told the Financial Post on Friday, adding that he expected construction of the first phase to finish by the summer. This report by The Canadian Press was first published May 21, 2020. The UCP government has also raised concerns about the delays and cost overruns. The owners, as long as they could finance the more expensive refinery, would earn a return on their now-larger investment. Refinery’s time has come, chamber of commerce told, Women Building Futures Board Members Tour NWR, WBF Journeywoman Class at NWR Sturgeon Refinery, Sturgeon Refinery northeast of Edmonton makes economic sense, proponent says, Local Community Food Bank Drive a Success, Going Vertical – Update on Heavy Lift Program, North West Sturgeon refinery costs leveling at $8.5 billion, Women Building Futures announces exciting new job creation partnership with NWR and Alberta Ironworkers. Box 500 Station A Toronto, ON Canada, M5W 1E6. Please read our Commenting Policy first. The refinery has produced over 7.7 million barrels of diesel since production began a year ago as part of commissioning and start up. The refinery began producing diesel from synthetic oil in late 2017, but problems with a gasifier unit on site delayed the switch to bitumen. Pseudonyms will no longer be permitted. The Sturgeon Refinery, 45 kilometres northeast of Edmonton, has had a troubled history.
In December of 2013, the expected capital cost of the project was increased from $5.7 billion to $8.5 billion, and the following June, the government's estimate of the tolls we would all pay to refine our bitumen was increased from $19 billion to $26 billion. {
But that was delayed by issues with equipment including its gasifier, a unit designed to break down the heavier parts of the bitumen barrel to make hydrogen for the refining process and carbon dioxide for use in stimulating conventional oil and gas wells. CALGARY — The operators of the $9.7-billion Sturgeon Refinery say it is now processing oilsands bitumen as designed after two years of delays blamed mainly on equipment failures. The offices of six premiers played a part in this Bitumen Boondoggle, and we should hold them all accountable for it.
The Alberta government has a 30-year agreement with the North West Redwater Partnership to provide 37,500 barrels of bitumen per day, which represents 75 per cent of the refinery's daily processing capacity, and pay a processing fee. 1 – It’s Not an Upgrader, Women Building Futures Visits NWR Sturgeon Refinery, Industrial Construction Crew Supervisor (ICCS) Program at NWR, Fire Truck Arrives to NWR Sturgeon Refinery Site. This column is an opinion. Closed Captioning and Described Video is available for many CBC shows offered on CBC Gem. ] In 2014, the Alberta government renegotiated the contract to allow the project partners to earn a rate of return on a larger amount of invested capital. The NWR Sturgeon Refinery is the world’s only refinery designed from the ground up to minimize its environmental footprint through carbon capture and storage while producing the high-value, low-carbon products needed to meet North America’s demand for energy. Comments on this story are moderated according to our Submission Guidelines.
Canadian Natural Upgrading Limited — a subsidiary of Canadian Natural Resources Limited — also owns 50 per cent of the partnership. As Morton frames it, "[the government] was being asked to take equity-type risks without equity-type returns.". She said the government neither owns nor operates the facility. Edwards assured Albertans that "if there's capital cost acceleration issues, or there are operating cost issues, those all fall back on the producer, not on the [government].". Sturgeon Refinery creates $1.9B loss for Alberta's petroleum marketing commission, CBC's Journalistic Standards and Practices. According to the financial statements, the value of that agreement was assessed to have a negative net present value of $2.52 billion as of March 31, the end of the 2019-20 fiscal year. "d": "TSX Composite" } "gridLineColor": "#e9e9ea", }, Please note that CBC does not endorse the opinions expressed in comments. Behind the Scenes: Status Updates.
{ We can't predict the future of the oil market, and pipelines like KXL are no sure thing, so it's possible that the refinery will still end up in-the-money if we see a combination of high oil product prices and low bitumen values in the future.
}, CALGARY — The operators of the $9.7-billion Sturgeon Refinery say it is now processing oilsands bitumen as designed after two years of delays blamed mainly on equipment failures. According to an update on its website, the refinery northeast of Edmonton is "now fully operational," having switched to bitumen feedstock in April for its production of diesel and other fuels. "title": "Indices", North West Refining is a 50 per cent owner of the facility. border, SNL cold open spoofs final U.S. presidential debate between Trump, Biden.
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