Work began last year on the BP refinery project to build facilities for processing heavy crude oil distilled from tar sand deposits in Alberta, Canada, and is scheduled to be completed in late 2011.
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updated: 11/30/2009 8:34:33 AM
NW Indiana City Approves Funds For BP
The northwest Indiana cities of Whiting and East Chicago have approved a plan to sell $300 million in tax-exempt bonds to BP for its $3.8 billion Whiting refinery expansion. Our partners at The Times of Northwest Indiana report the bonds will be issued through the Indiana Finance Authority and secured by BP, with no liability of tax increases for residents.
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The bonds come from a state program that offers financing for environmental projects. BP has said it plans to spend approximately $1.4 billion to upgrade its pollution control equipment.
Source: The Times of Northwest Indiana
