Altius' NLRC Signs AgreementsAltius' NLRC Signs Agreements With SNC-Lavalin and Japan's IJK for Placentia
Bay Refinery Development
ST. JOHN'S, NEWFOUNDLAND AND LABRADOR--(Marketwire - Nov. 29, 2007) -
Newfoundland and Labrador Refining Corporation (NLRC), of which Altius
Minerals Corp. (TSX:ALS) is a major shareholder, has provided an update with
respect to the construction planning and development of its proposed new oil
refinery project in Placentia Bay, Nfld., and Labrador.
A copy of the NLRC news release is provided below in its entirety.
NEWFOUNDLAND AND LABRADOR REFINING CORPORATION SIGNS AGREEMENTS WITH
SNC-LAVALIN AND JAPAN'S IJK FOR PLACENTIA BAY REFINERY DEVELOPMENT
St. John's - Newfoundland and Labrador Refining Corporation (NLRC) is pleased
to report that it has entered into two new agreements relating to the
development of its proposed 300,000 barrel per day grassroots oil refinery in
Placentia Bay (the Project). These include a Memorandum of Understanding (MOU)
with SNC-Lavalin Inc. (SNC-Lavalin) concerning the provision of engineering,
procurement and construction management services (EPCM) for the Project and an
agreement with Japan's IJK consortium for the provision of heavy-walled steel
reactor vessels.
SNC-Lavalin MOU
NLRC and SNC-Lavalin have entered into an MOU that envisions the parties
entering into an EPCM contract by January 31, 2008. This contract would retain
SNC-Lavalin to provide EPCM services to NLRC related to the Project. The
scope of activities defined by the agreement includes basic engineering,
front-end engineering and design, detailed engineering, procurement, project
management services, and construction management for the Project.
SNC-Lavalin has worked with NLRC on its project since early 2006 and to date
has participated in the completion of the refinery project feasibility study,
preparation of the design basis memorandum, environmental assessment and
various activities related to overall project management and third-party
licensor coordination.
IJK Consortium Heavy Walled Vessels Procurement
NLRC and IJK Consortium (IJK) have entered into an agreement whereby IJK will
fabricate and deliver several heavy-walled vessels related to the new
refinery's process units. These vessels, which have been identified by NLRC as
"long-lead time" items, involve specialty forged steel and fabrication
infrastructure that is only available at a few locations worldwide.
The IJK Consortium is a partnership of three leading companies: Japan Steel
Works Ltd., Kobe Steel Ltd. and I.P.S. Services Inc. Together, this consortium
has the world's longest fabrication history and is the leading fabricator of
heavy wall reactors.