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RE: Update CNRL Qtr Loss Horizon OS Behind & Overbudget


Charles Randall

Here is update new release on CNRL Horizon Upgrader & Coker project and the Keystone OS crude pipeline.
The Horizon Phase 1 was to complete in 3Qtr 2008 (was 94% complete in 1Qtr 2008 but now delayed completion until 4Qtr 2008) and adds 110-135 MBD, adding new DRU (Distillate recovery Unit) & new DCU (delayed coking unit) which are the 4 drums that were installed in 2006 (see guest earlier comments) and ~360 MBD production.
The Phase 2-3 completes in 2010-11 and adds 2 additional drums (received 2008) for another 110-135 MBD. The last Phases (4-5?) would add final units and round up capacity to the 500 MBD targeted.   Like all these Canada Bitumen projects the Upgrader & Coker additions seem to overlap & leapfrog into next stage.  Phase 2-3 started in 2006 & at least $124 MM has already been spent on this phase (coke drums & all components for 2 hydrotreater reactors).

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