Bailout Could Benefit Hyperion

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Bailout Could Benefit Hyperion

By Associated Press

Story Created: Oct 10, 2008 at 1:31 PM CST

Story Updated: Oct 10, 2008 at 1:31 PM CST

The $700 billion bailout approved in Washington includes a tax break that could benefit Hyperion Resources, which wants to build an oil refinery near Elk Point.

It extends the use of tax credits for companies that build or expand refineries that process oil shale and tar sands crude. The $10 billion Hyperion center would refine oil from Canadian tar sands.  Hyperion spokesman Eric Williams says the company hasn't calculated what kind of savings it might get, and he declined to comment on whether the tax break would help attract investors.

 

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