It’s up to the creditors
10 years ago From the Nov.13, 2008
The future of a proposed refinery for Placentia bay is in the hands of its creators.
In a “community stakeholder update” issued Wednesday, Newfoundland and Labrador Refining Company president Brian Dalton said the company had “put forward a proposal that is designed to preserve the value of the government permits and community level support that has been granted.”
The idea, Dalton explained in a pressure release, was to “give the project a life beyond the current financial turmoil to see if it can, in fact, attract the money it needs in a more normal business world.”
“We... crossed big river after big river only to find the last one in once-in-a 100 year flood conditions,” he stated, in reference to the current financial crisis that has rocketed stock markets around the world.
According to Dalton, the company’s proposal recognizes it will take time for world financial market to stabilize to give the proposed refinery a fair chance for investment.
NLRC Cleared several hurdles in the past few years, trying to clear a path to build a new refinery. The environmental assessment process is complete, giving the project the go ahead to obtain permits.