User uShare Login | Register
Login
Register

Along with posting photos, videos, and stories, your uShare account lets you post Classified Ads, recipes on What's For Dinner, and Announcements.


19° View Weather Current Conditions Sioux Falls Change Location
Set Weather Options

RADAR LOCATION

TEMPERATURE LOCATION

News

[0] My Saved Articles
Back to all news

Business

Find local businesses
on the KELO Pages!

 

Hyperion Hopes To Break Ground By March

April 25, 2012, 5:56 PM by Ben Dunsmoor

Hyperion Hopes To Break Ground By March
ELK POINT, SD -

If Texas-based Hyperion had followed its original timeline a refinery in Union County would already be halfway through a four year construction project.

But, five years after the so-called 'Gorilla Project' was announced, not one shovel has been turned on the property north of Elk Point.

However, if Hyperion gets its way, officials believe this will be the last spring crop that will be planted on the Union County land set aside for a $10 billion oil refinery.

The Texas company said Wednesday it's confident construction will start by next March.

"The project has not moved as quickly as we would prefer but we are charging ahead," Hyperion Project Executive Preston Phillips said.

Phillips said right now the company is waiting on the South Dakota Supreme Court to make a decision on the air permit for the project, after opponents appealed the decision to grant the permit.

"We are confident the state will prevail in its decision to issue us the construction permit and we plan to start construction before March 15, 2013," Phillips said.

Opponents said the more the project is delayed, the more likely it will never happen, especially with a recent decision by President Barack Obama to block the Keystone XL Pipeline, which would have been a major carrier of Canadian crude oil.

Hyperion plans to use Canadian oil in its refinery.

"We don't see the likelihood of another cross-border pipeline happening any time in the near future," Save Union County member Ed Cable said.

Save Union County is one of the groups appealing Hyperion’s air permit. Cable says on top of the growing opposition of Canadian crude, financing for large projects has become more difficult in the past five years.

"They don't have any raw product under contract. They have no pipeline coming in; they have none of the permits required prior to construction. They have no evidence of financing. They just have none of the things that a prudent business person would need to have before they could go out and get conventional financing in this very difficult financing climate," Cable said.

But, Phillips isn't worried about finding a pipeline.

"There are going to be pipeline solutions to bring that oil sands production to the United States," Phillips said.

He's confident the South Dakota Supreme Court will uphold the air permit and they will be able to secure the billions of dollars need for the project by next spring.

"We need to close the project financing," Phillips said.

Ben Dunsmoor: And you believe you can do that this coming fall?
Phillips: That is our intention, yes.

Hyperion needs to start construction on the refinery by March 15, 2013, because that's when its permit from the state expires.

If construction doesn't start by then, Hyperion will have to ask for a second extension. Project officials don't think they will have to do that.
 

Previous Story

Next Story


Comments







 
Find Local Businesses on KELO Pages!

View business

You may also like

Alco To Close Stores Across South Dakota

11/21/2014 2:03 PM

Several South Dakota cities will soon have one less store.

Full Story
South Dakota Malls Will Open On Thanksgiving

11/21/2014 11:41 AM

Shoppers no longer need to stay up all night to get Black Friday deals.  More stores are opening on Thanksgiving, closing overnight and then reop...

Full Story
Vern Eide Pays It Forward For Thanksgiving

11/22/2014 6:34 PM

Closer to home, families are out buying turkeys as we are less than a week away from Thanksgiving.

Full Story
New Convenience Store Opens on North Minnesota Avenue

11/21/2014 10:15 AM

The seventh Kum & Go convenience store in Sioux Falls is now open.  The new store at 1400 N. Minnesota Avenue is 5,000 square feet and will b...

Full Story
Chris Tomlin & Rend Collective Coming To PREMIER Center

11/25/2014 11:04 AM

Some of the biggest names in Contemporary Christian music are coming to the Denny Sanford PREMIER Center.

Full Story


Events