Newfoundland Labrador Refining Woes

The Newfoundland Labrador Refining Company (NLRC) is planning to build a new refinery in Eastern Canada. This refinery will be the first grassroots refinery in north America to be built after 30 years. The new project however comes with its woes. North American financial markets and economies are going through a slump and investors are being hesitant in investing funds in the project. The NLRC is now looking for investors from the Middle East and India. The estimated project budget is believed to be 5 Billion Canadian Dollars. As of June 2008 NLRC has already received positive interest from companies for crude supply and product offtake.