Sinopec's New Refinery in Alberta to Help Local Producers
China Petroleum & Chemical Corporation SNP, widely known as Sinopec, recently joined a group to build an oil sands refinery in Alberta. The partnership will be known as SinoCan Global, which has selected Stantec Inc. STN for providing consulting services concerning the project’s regulatory review and permitting process. Although a financing plan and ownership of the project is yet to be determined, the facility is expected to cost around C$8.5 billion. Per the project plans, the refinery, with a daily processing capacity of 167,000 barrels of diluted bitumen, will be built in the province. Notably, the previous government of the country declined a similar proposal in 2012, which was supposed to back the aboriginals, due to the lack of economic benefits. Since then, the Canadian energy market has come a long way amid several ups and downs.