Canadian crude oil could pay dividends for Houston company - FOX 26 News | MyFoxHouston

Canadian crude oil could pay dividends for Houston company

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Oil and gas decision makers, from around the world, have spent the week in Houston discussing policies and plans for the future.

Among them, is the effort to get more Canadian oil-sand crude to gulf coast refiners waiting to use it.

Canada's minister for natural resources was here to promote the idea. Joe Oliver was visiting LyondellBasell's east Houston refinery, which processes 60,000 barrels oil-sand crude each day.

The facility is set to nearly triple its capacity, and hopes that approval of the controversial Keystone XL pipeline might secure the supply of crude.

Minister Oliver says, "We see a tremendous opportunity to continue to supply oil to the refineries in Texas, which have a greater need now, and in the future, for heavy oil. There is a capacity here, and there's a growing demand."

Canada's oil-sand fields, in Alberta, are among the largest proven deposits of petroleum, in the world.

A recent study, by the State Department, appears to strengthen the argument for the Keystone project, but the White House is not likely to make a decision until later in the year.

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