Petro Star Inc. Announces Asphalt Plant Construction At North Pole Refinery
Project made possible through recent tax-credit legislation
North Pole, Alaska - Petro Star Inc. (PSI) has broken ground on a new asphalt plant at its North Pole Refinery and will be constructing the much-needed facility in the Interior over the winter. The project addresses an immediate need created by the 2014 Flint Hills Refinery shut down and restores a local source of supply.
“Petro Star Inc. and our parent company, Arctic Slope Regional Corporation, are investing more than $20 million in this new production unit,” said Doug Chapados, Petro Star Inc. president and CEO. “Had it not been for recent in-state tax-refiner tax credits which passed the legislature and were signed into law in 2014, this project would not have been possible. I congratulate those lawmakers who had the vision to push the tax credit legislation forward”.
PSI anticipates asphalt production will begin in the spring of 2016, in time to provide much needed relief to the State Department of Transportation and its asphalt contractors. Through local supply, the high cost of trucking asphalt to Interior Alaska project sites can be avoided. As the largest consumer of asphalt oil, the state of Alaska would be the largest beneficiary of those cost-savings.
Petro Star and ASRC are considering other capital projects that would qualify for the tax credits and would create value for energy consumers within the state.
ABOUT PETRO STAR INC.
Petro Star Inc. is the only Alaskan-owned and operated refining and fuel marketing company, with operations in seven communities throughout Alaska, and refineries in both North Pole and Valdez. With nearly twenty-five years of refining experience, Petro Star serves the fuel needs of Alaska including residential, military, marine, aviation and industrial customers, many of whom live and work in remote areas of the state. It is a wholly-owned and operated subsidiary of Arctic Slope Regional Corporation.