Cornwall ON – Jobs and refining capacity are about to drop in Canada as Shell has decided to close its refinery in Montreal’s East End.
The company announced plans in January to close the refinery after unsuccessfully trying to find a buyers for six months last year. Since February, a special committee led by former senator Michael Fortier had approached potential purchasers of the facility.
Three groups reportedly signed confidentiality agreements to gain access to Shell’s “electronic data room.”
The refinery is the largest operated by Shell in Canada. It processes more than 130,000 barrels of crude oil daily. Shell will be left with two Canadian refineries: Sarnia, Ont., and near Edmonton. But it also imports refined products from other facilities around the world.
So like many countries in the Middle East Canada may one day have lots of oil, but not enough refining capacity which could mean we have to export our oil, have it refined out side of Canada, and the purchase it back at of course a much higher cost.
Again, more reason for the government to start to honestly fast track true alternatives to Big Oil. What do you think Canada? You can post your comments below.