MONTREAL, Oct. 11, 2013 /CNW Telbec/ - It is vital that the Quebec
refining industry has access to new sources of raw material at
competitive costs. The reversal of pipeline 9B, allowing the shipment
to Quebec of oil from Western Canada and elsewhere on the continent,
offers the most reliable and quickest means of making this possible,
emphasized Valero Energy Inc. (‟Valero") today in Montreal at the
National Energy Board hearings on the Enbridge project.
‟The Quebec refining industry is experiencing increasingly fierce
competition and there is an urgent need to vary its supply sources so
that it remains competitive and viable in the long-term. For Valero,
such access to competitive sources of light crude oils remains the
fundamental condition for the inflow of future major investments in our
facilities," said Ross R. Bayus, President of Valero's Canadian
Investments of $200 million
In addition to bolstering the security of the Province's energy
production, the pipeline 9B reversal offers significant opportunities
for Quebec. For Valero alone, the Enbridge pipeline 9B reversal
represents investments of over $200 million at its Montreal East
facilities and its Lévis Jean Gaulin refinery, as well as the
acquisition of two new ships, via a partnership, for the transportation
of oil on the St. Lawrence River between these two destinations. These
investments would create 200 jobs during the construction phase and
100 permanent jobs, once the two ships are in service.
‟This project offers a real opportunity for Quebec and its refining and
petrochemical industry to benefit from the pipeline 9B's existing
infrastructure. This pipeline has proved its reliability and its flow
can be reversed in less than one year in order to meet current demand.
It also makes perfect sense, both economically and socially, that we
should capitalize on this country's raw materials, while also ensuring
their reliable and safe transportation," added Mr. Bayus.
Valero is the largest independent refiner and distributor of petroleum
products in the world. Its assets include 16 refineries located across
the United States from the West Coast to the Gulf of Mexico, as well as
in Canada and the United Kingdom, with a combined throughput capacity
of 3 million barrels per day. Through Valero Energy Inc., its wholly
owned subsidiary in Canada, it owns and operates the Jean-Gaulin
refinery in Lévis, which has a refining capacity of some 265,000
barrels per day, along with several other logistics infrastructures,
including the Montreal East oil terminal, the most important of its
kind in Canada, as well as the Pipeline Saint-Laurent that links the
Lévis refinery and Montreal. Its Canadian operations also make it a
leader, among others, in the field of industrial and commercial sales
of petroleum products, and as a supplier to resellers and independent
distributors. Valero Energy Inc. is also a major employer in Eastern
Canada, in terms of the direct and indirect employment it generates.
SOURCE: Valero Energy Inc.