State-owned Chinese firms Sinopec and China State Construction Engineering Corp (CSCEC) have announced that they are reviving a project to build a $6.5 billion petrochemicals plant in the Canadian province of Alberta with a consortium of groups representing indigenous local inhabitants, Caixin reports.
The project, which is yet to receive regulatory approval, will be able to refine 167,000 barrels of bitumen, a low-grade crude oil, per day. The refined fuel will go to serve the US market primarily, as well as smaller Asian markets.
The Chinese firms’ Canadian partners had previously seen their application to develop the project shelved by the Alberta provincial government in 2012 over concerns that it was too risky to justify funding through taxpayers’ money. This time may be different as Sinopec and CSCEC may be able to foot the bill using funding from China’s policy banks, according to Caixin.