It’s up to the cred­i­tors

10 years ago From the Nov.13, 2008

The Packet (Clarenville) - - Editorial -

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.

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