Crown Energy Corp., 215 S. State, and MCN Investment Corp., Detroit, have formed a joint venture to develop the Asphalt Ridge oil sand project near Vernal in northeastern Utah. Crown will be the project operator.
The first phase of the project will be construction and operation of a $15 million manufacturing facility designed to produce 100,000 tons of premium quality asphalt annually. Delivery of the product is expected in early 1998, and as market conditions warrant, more facilities will be developed."The Asphalt Ridge joint venture will capitalize on the paving industry trend toward performance-grade asphalt. It represents a lucrative new business within our diverse portfolio of energy-related ventures," said Joseph Roberts, president of MCNIC Pipeline & Processing.
James A. Middleton, Crown chairman and chief executive officer, said, "MCN is a formidable energy company, and our collaboration opens the door to vast opportunities not limited to the Asphalt Ridge project."