NEWS RELEASE · 18th April 2013
China's Largest Bank To Be Part of Financing of Kitimat Clean West Coast Refinery
Kitimat Clean Ltd and the Industrial and Commercial Bank of China, China’s largest bank, signed Memorandums of Understanding today. The principal provisions of the MOUs state that ICBC will be Chinese financial advisor to Kitimat Clean and cooperate in the financing of the proposed Kitimat refinery and associated pipelines and other elements.
Chinese companies will be involved in the engineering and construction of the refinery. Up to 100% of the output from the refinery is planned to be sold to Asian markets, including China and India. Majority control of all the proposed Canadian businesses will remain in Canada and there will be 6,000 construction jobs created for British Columbians over five years, and 3,000 permanent jobs.
More MOUs between Kitimat Clean and Chinese companies are anticipated in the near future.
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 Jífa, 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` 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.”
Dangling the carrot
Comment by one angrycanadian on 24th April 2013
By saying and evening building this refiner, China gets it's pipe line. This is a small cost to them, and knowing Harper, he will probably help his buddies pay for some or all of it with Tax help.
So they build a small refinery run it for a year or two, We the people of the North are still stuck holding the bag, in the event of a spill.
Comment by Apocalypse now on 20th April 2013
You seem to think nothing can be stopped by your comments, but I think the opposite. I have a job,you have a job and would wish my kids get a job. Use your head,you love to fish ,hunt and do outdoorsy things. like the previous commentator said , all this stuff comes in modules built in China and so will the tankers be built in China, we just get to put them together with the help of supposedly " temporary "foreign workers. The Chinese are not fools ,its just as much about creating employment in their country and their people as it is about job creation here. I live here because I can get to work in 5 minutes and go to the river or ocean in a short amount of time. I don't need or want another 15000 people in my neighborhood. I say 15000 because that would be with spin off jobs. I enjoy rather clean air and water and want to keep it that way........ Nothing is for certain , Its only a DONE DEAL if we let it be.
Comment by myfatmomma on 20th April 2013
This red herring would still mean bitamen pipeline across our rainforest and spawning rivers and tankers in our channel
this is just a little enticement to allow the pipeline and tankers for those silly enough to believe it would happen/ then withdrawn after BC allowed the pipeline.no secure source nor customers for refined stuff. refine in Alberta and ship east.
even with the LNG; there will be too much traffic in our channel
who would want to live here through our cold snowy winters and rainy rest of the year without our great fishing and wildlife
Comment by Hard Core on 19th April 2013
Bring on the long tearm jobs its comming if you like it or not.A few small groups will not stop a project like this,and yes your friends and family will be working there to.
Comment by John How Terrace on 19th April 2013
Mr. Black’s proposal would seem to fit nicely with the Right Honourable Steve’s plan to keep Canadians in their traditional ‘place’ in the world — hewers of wood and drawers of water (to which we can now proudly add ‘pump handle repairmen’).
We are not looking at ‘development’ here: at least not in terms of human development. Mr. Black promises that “Chinese companies will be involved in the engineering and construction of the refinery which, if the project proceeds as planned, will be manufactured elsewhere and shipped to Kitimat for on-site assembly”.
In other words…for Canadians, a Fossil Future. God bless us, every one
[the quote is from the TerraceStandard webpuff].
Comment by Wolverine #2 on 19th April 2013
This means a second bitumen pipeline crossing B.C. Through First Nations' territories. Northern Gateway won't get built. Neither will this. Nothing but hype and spin. Election coming up. Liberals will do whatever they have to, to hold onto power. Don't believe this for a minute.
Comment by Larry Walker on 18th April 2013
You got to be kidding. This can't be true.