Pacific Future Energy has announced plans for a $10 billion oil refinery on the North Coast, which they promise to be the world's greenest.
The "near zero net carbon" emission refinery will be developed in partnership with First Nations groups, the company said an a news release this morning.
"We believe this is an incredibly unique opportunity to build the greenest refinery in the world and there's no better place than BC," said Samer Salameh, Executive Chairman of Pacific Future Energy.
"Our pre-feasibility study has begun, which will analyze the economic, social and environmental aspects of the refinery and help to determine the prospective site and expect to launch our feasibility and regulatory process in the next nine to 12 months."
The refinery is being designed to be built in modules, each processing 200,000 barrels of bitumen per day. The bitumen would be converted into gasoline, diesel, kerosene and other poducts. When all of the project modules are complete, the facility will process up to 1,000,000 barrels per day, starting with the first phase of 200,000 barrels per day.
Look for more on this story as it becomes available.