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Published: Saturday June 28, 2014 MYT 4:50:02 AM
Updated: Saturday June 28, 2014 MYT 4:50:59 AM

Exclusive - U.S. energy venture says its refineries would produce export-ready fuel

WASHINGTON (Reuters) - Quantum Energy Inc, a U.S. energy venture, intends to build a network of "micro refineries" that would produce fuel fit for export, an executive said on Friday.

The Williston, North Dakota, enterprise plans to build five "micro refineries" near railheads that would house facilities to strip natural gas, refine liquid fuels and recapture carbon dioxide, the company said.

Each facility would run about 100,000 barrels per day through a stabilizer and subsequently refine 20,000 barrels per day into household gas, diesel fuel and other petrochemicals.

The remaindered of the fuel, about 80,000 barrels per day, could be carried on the rails to domestic or foreign customers, Quantum's executive vice president, Russell Smith, told Reuters.

"The Bakken crude we would process would quality for export under the existing rules," he said.

On Thursday, Smith testified about the export potential for Bakken fuel at a U.S. House of Representative small business hearing.

Quantum Energy will fund its projects with a blend of equity and debt financing, Smith said, and the company expects that each processing centre would cost about $500 million (£293.5 million).

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