Kitimat refinery has likely potential to boost B.C economy, comments industry expert

The Kitimat petroleum products refinery may have a significant impact on the B.C economy, according to industry expert.

CALGARY (Scrap Monster) : The Kitimat petroleum products refinery may have a significant impact on the B.C economy, according to industry expert.

According to Jim Shepard-the former CEO of Finning and Canfor, the scope of Kitimat refinery is not limited to the North American market, but should expand to cater to the overseas demand from Asian countries. China is a potential market for Kitimat’s petroleum products owing to the close proximity of the country’s ports. Canada’s reputation as a free trade country should further boost the exports to Asian countries.

The refinery project is bound to create immense job opportunities over a number of years. The construction phase of the facility will provide job opportunities to thousands. The local population and the provincial economy is to reap the benefits out of it. Upon operation, the Kitimat refinery is estimated to offer around 3000 permanent jobs in operations and support services sector. With an estimated annual production of over 175 million barrels, the project could generate huge amounts of tax revenues.

Since the refinery produces finished products, the chances of environmental hazards are expected to be minimal.

A recent report published by Navigant Consulting also has stated that the proposed refinery would be economically viable. It mentions that the 550,000 barrels per day plant has all potential to become Canada’s biggest refinery. It urges the Government of BC to consider the matter seriously as it may provide incremental long term economic benefits to the region.

The construction of the refinery is expected to be completed by 2020, provided the initiative gets adequate capital infusion and necessary government approvals.