BC

Photo: The Canadian Press. All rights reserved.

Newspaper publisher David Black speaks about his proposal to build a refinery in Kitimat, during a news conference in Vancouver, in a August 17. THE CANADIAN PRESS/Darryl Dyck

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."