Plans for the first world's first oil refinery designed to capture CO2 moved ahead today as the two companies behind the proposed facility reportedly approved $5.7 billion for the first phase of the project. The refinery, to be built near Edmonton, Alberta, will process bitumen from nearby oilsands development, according to a CBC report earlier this month. The goal of the first phase of the project is to upgrade 50,000 barrels of bitumen per day into crude oil. Upon completion of all three phases, the plan is to process 150,000 barrels per day into products including low-sulphur diesel fuel while capturing up to 1.2 million tons of the CO2 produced during the upgrading process. Part of the CO2 would be sold to area oil companies for enhanced oil recovery use, according to the CBC. The two companies working on the new facility are North West Upgrading Inc. and Canadian Natural Resources, both of Calgary. Read more
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