Mar 6, 2013 / 8:58 pm
B.C. newspaper mogul David Black says a group of investors has committed financing for his plan to build a $25-billion oil refinery project on the province's northern coast in a deal that would be one of the largest private developments in B.C. history if it goes through.
Black announced in Vancouver on Wednesday he is on the verge of signing a memorandum of understanding in the coming weeks with a consortium of investors.
The deal is for debt financing, not an equity investment in a project being met with some skepticism from within the oil and gas industry.
"How solid is it? I would say it's 100 per cent because in this case, the financiers are very anxious to help get the refined fuels from Canada," Black said in a speech to the Vancouver Chamber of Commerce.
"I'm sure we'll get through to the finish, I'm sure that money will be there."
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