Bayshore Petroleum Corp. has entered into a 30-year agreement in Beijing with China Foreign Economic Cooperation Centre, the company announced.
The agreement is to license the catalytic upgrading technology to convert heavy oil into light oil in Canada. Bayshore will now commit using this technology to construct a 350-barrel heavy oil facility in the Meota, Saskatchewan area.
Heavy oil currently produced in the Meota area will be processed directly into diesel-quality light oil as fuel products or as diluents. Both commodities are in high demand in the region. The pilot upgrader is expected to be in operation by late summer or early fall due to its simple design, according to the release.
The signing of the agreement was presided by the chairman of China Petroleum and Chemical Industry Federation, Li Yong Wu, a former minister of China Petroleum and Chemical Department and current independent director of PetroChina.
Bayshore is a Calgary-based corporation engaged in the exploration, development and production of petroleum and natural gas.
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