MULTIBILLION DOLLAR UPGRADING COSTS LIE AHEAD FOR CANADIAN REFINERS

Canadian refiners face multibillion dollar upgrading costs in this decade to meet new air quality standards. Industry-wide cost estimates have been developed by the Canadian Petroleum Products Institute (CPPI) and Imperial Oil Ltd., a unit of Exxon Corp., which has about 28% of Canada's 1.825 million b/d refining capacity. They are tentative because refiners still don't know what specific standards federal and provincial governments will impose in 1994.

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