Desmond backs €1.7bn Canadian refinery plan

Financier Dermot Desmond is a major investor in a company investigating the feasibility of building a €1.7 billion oil refinery in Canada.

18th February, 2006

Financier Dermot Desmond is a major investor in a company investigating the feasibility of building a €1.7 billion oil refinery in Canada. He is backing the Newfoundland and Labrador Refining Corporation (NLRC), which is spending almost €6million on a study into the proposed refinery in Newfoundland.

Other investors include Scottish businessman Harry Dobson, venture capitalist Stephen Posford and Canadian resources company Altius.

The feasibility study will take 42 weeks and will analyse the potential...

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