Associated Press, Published January 24 2013
Refinery backers want 2nd shot at tax exemptionBISMARCK — Backers of a proposed oil refinery in western North Dakota are taking another stab at a tax exemption for oil refined in the state.
The state House unanimously rejected a bill seeking an exemption from the 6.5 percent oil extraction tax for oil refined in North Dakota. Dakota Oil Processing Chairman and CEO Chester Trabucco says the bill was a "fiasco" and shouldn't have been introduced.
Trabucco says Dakota Oil Processing will instead seek an exemption that would occur only during months when the average profit for a refinery in the state dropped below $11 a barrel — a situation that hasn't occurred in the past three years.
Dakota Oil Processing says the proposed exemption would help secure private funding for a $200 million refinery near Trenton.
Copyright 2013 The Associated Press.