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Show County Hears Refinery Plans Approximately $300,000,00 alone is required to build the pollution control process to meet environmental protection protect-ion agency (EPA) regulations, regulat-ions, according to Amoco operations supervisory Bill Ray. Amoco is a subsidiary of Standard Oil of Indiana. When asked what the total cost of such a plant would be. Ray said he didn't have that figure. By Matt Madsen Attorneys representing Standard Oil of Indiana met recently with Summit County Commissioners to discuss plans to locate a gas refinery near the Wyoming border. Oil company spokesmen, told the Commissioners they have yet to decide whether to build the plan in Summit County or across the state line in Uinta County, Wyoming. They added, however, how-ever, it is not yet certain if they will build the $500 million plus facility at all. In order to finance the mammonth undertaking. Standard Oil representatives suggested the County might assist them by facilitating an industrial revenue bond issue. If the plant is, built, it could employ as many as 800 workers during the construction construc-tion phase and later maintain a full-time work force of around 100, according to Summit County Clerk Reed Pace. Pace witnessed the proceedings pro-ceedings and said the attorneys attor-neys requested that the commissioners adopt an "inducement resolution" which means the Board of Commissioners would authorize auth-orize the issuance of industrial indus-trial revenue bonds when and if standard oil requires them to finance the project. The County's involvement with the bonds is minimal, Pace said. The county would be considered the issuer of the bonds, not the buyer, or the seller, he added. A similar refinery is currently cur-rently under construction in Uintah County. Wyoming within 5 miles of the Summit County Border. That refinery or sour gas plant employs 100 people. The word sour means the raw gas extracted from the ground is impure and needs .to be treated. Within the operation of the plant, the impurities are removed and sugar among other additives are introduced introduc-ed into the gas before it is useable. Ray operates and staffs the Uintah Gas Plant and will be the man for the job if the new proposed refinery is built. It may be a while before Summit County residents see a gas plant refinery though. Ray said there are three obstacles before the refinery can be considered by Amoco at this time: I) deciding on the construction site; 2) the federal government may slow things down a bit for Amoco because Congress is currently examining industrial indus-trial revenue bonds and the effect they have on more conventional debt instruments. instru-ments. Industrial revenue bonds are tax-free to the investor and offered at lower interest rates so they are much more attractive to investors. As a result, Ray added, more conventional bonds with higher interest rates have a harder time being marketed; and 3) Amoco will have to find buyers for the bonds. The attorneys for standard oil are currently engaged in talks with Fox and Edwards, a bonding firm in Salt Lake City. Ray said Summit County is under consideration as a plant site because of the gas potential in the area. Clerk Reed Pace noted whether the refinery is built just a few miles outside the Summit County or in the county limits '"we will feel the impact" he said. Pace said he would like to see the gas plant built in Summit County so the county could enjoy the tax benefitis. The proposed gas plant is in the preliminary stage now, Ray said. Engineers are working to determine if the ' gas production potential in the area warrants a second .&as.-pla.rit.-.-.-,:.,v.-.-.-.-.-.-.-.-.-.-. |