Home > News > World
Saturday June 28, 2014 MYT 4:50:02 AM
Saturday June 28, 2014 MYT 4:50:59 AM
by patrick rucker
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).
Libya probing guards seen in video beating jailed Gaddafi son
Russian FM meets Hamas chief, invites him to Moscow - official
Brazil police arrest Lula minister in bribery scandal
In Turkish villages facing Islamic State, doubt hangs over U.S. strategy
Immigrants in Germany swell to record high 11 million
How to manage your project cashflow
Scraping through is an everyday struggle for many in Bukit Merah New Village in Ipoh
Fishing for your dinner There is nothing like landing your own catch to beat the growing cost of living
Mihajlovic sets top-three target for Milan
Copyright © 1995-2015 Star Media Group Berhad (ROC 10894D)(Formerly known as Star Publications (Malaysia) Berhad)