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$200 million private investment in New Brunswick economy!
A refinery shutdown is also called a turnaround. During turnarounds refineries usually carry out inspections and replace or upgrade equipment to ensure safety, reliability and improve environmental performance.
“The Irving refinery spent $60 million in 2014 which employed 2,000 workers for a million hours. The turnaround was such a big event, it had a $51.6 million impact on New Brunswick’s GDP. This is in part because the many workers needed food, accommodation and other necessities, which benefited the local economy.” Source: www.canadianfuels.ca
This year’s turnaround, dubbed Operation Falcon #opfalcon, was just announced and involves a reported investment of $200,000,000! That’s over 3 times last year’s investment. This is the largest private sector investment in New Brunswick this year. The fundamental issue in determining the size of the economic impact is the “openness” (more…)