Earlier this year Quantum Energy Inc. announced that they were planning on building a refinery in Billings, Montana. However, a few days ago the Billings Gazette announced that the project has been cancelled. The company still plans to build diesel refineries in the Bakken area. Sites that are included in Quantum’s plan include Stanley, Baker and Fairview North Dakota. The proposed refinery was going to cost an estimated $500 million. Quantum presented its construction plan to the Yellowstone County commission on Aug.19 and have not responded since. The company also cancelled a follow up meeting Nov. 3.
Quantum also stated in a news release that negotiations for the land in the Billings area ceased on Oct. 30 “due to the landowner’s inability to specify in a timely manner which 100 acres of a larger tract would be the option property. Unfortunately, on that point, the landowner could never overcome the logistics and timing required for our permitting process.” Many Billings officials and residents believe that the company does not have the funds to build the refinery anymore. Shares for Quantum Energy dropped to 38 cents this week.
Oil refineries are popping up all over the state of North Dakota in order to aid the infrastructure needs of its burgeoning oil industry. Refineries are being constructed in Tioga, New Town and Dickinson as well. An oil refinery is currently being proposed in Devils Lake to process off-road diesel fuel, but it has not been approved yet.