A recently announced joint venture may lead to a new refinery to sprout up in the Bakken.
The Bakken Magazine reports that Quantum Energy Inc., a refinery developer focused on the region, and Native Son Holdings LLC have stated their intent to form a joint venture for the construction and operation of a 40,000 barrel per day refinery in Berthold, North Dakota.
The joint venture, dubbed Quantum Native Processing Partners LLC, will be owned by Quantum and Native Son Refining LLC, a subsidiary of Native Son Holdings. As reported by the Bakken Magazine, Chairman of Quantum Energy Stan Wilson said, “Native Son Refining includes a team of engineers who have prepared a construction permit application for a 40,000 bpd facility that doubles our planned capacity. Teaming with NSR on a Berthold site accelerates our plans and is the equivalent of building two of our previously planned facilities.”
Quantum has already signed two-year land option agreements with landowners in Stanley and Berthold, North Dakota, as well as two other cities in Montana. The sites will be purposed for refineries and the company is currently building relationships with other strategic partners, refinery design specialists, engineering firms and possible crude suppliers.
Quantum CEO Andrew Kacic told the magazine, “We expect to have our permit application filed yet this month. Our engineers have successful prior experience with the North Dakota permitting process for refineries, and we are excited to lend that capability to Quantum. This alliance with Quantum fast tracks our own previous plans for a [refinery] and is a welcome strategic event to our efforts.” To read the original article, click here.