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).
Greek FM Varoufakis resigns
Greek finance minister successor to be named after meeting of leaders
Saudi-led strikes on Yemen hit party headquarters of Houthi ally Saleh
Egyptian army kills 63 militants in North Sinai - sources
Celebrate Raya in style with GEMFIVE
The 3 unexpected life events that leave us in debt
Taxi drivers volunteer by taking autistic kids on outings
Cummins ready to take the red ball after Ashes call-up
He ain’t heavy, he’s my dad
Copyright © 1995-2015 Star Media Group Berhad (ROC 10894D)(Formerly known as Star Publications (Malaysia) Berhad)