Purchaser of Mothballed Upgrader Moves On
Calgary-based Value Creation Inc. (VCI), which mothballed the partially-built Heartland Upgrader they acquired from BA Energy in September of 2008, is moving ahead with another bitumen-related project, OEP has learned.
VCI has recently announced that is preparing regulatory applications for its proposed Advanced TriStar (ATS) Project. The project, which will be located approximately 10km from Fort McMurray, will produce 80,000 barrels per day of medium crude oil when fully constructed. The company indicates the project will include bitumen processing and primary upgrading technology within the Fort McMurray site.
The first phase of the project is expected to come online by Spring 2016, pending favorable regulatory approvals and a positive business environment.
Although cost figures have not been released by the company, the Journal of Commerce reported last week the project value is estimated at approximately $100 million.