Government loans Irving Paper $9 M
April 29, 2008 By Pulp & Paper Canada
The New Brunswick government is loaning Irving Paper $9 million to position its Saint John mill as more energy effi…
The New Brunswick government is loaning Irving Paper $9 million to position its Saint John mill as more energy efficient. According to a recent report by CBC, the loan is subject to a 4.7% interest rate, and must be repaid over a 10-year period.
“Our government recognizes how integral it is for companies to improve their operations and we want to support them as they invest in upgrades and efficiencies to increase their competitive edge in the world market,” CBC reported Business New Brunswick Minister Greg Byrne as saying.
The $9 will absorb half the cost of a new boiler that will help cut back heavy fuel consumption by roughly 71,000 barrels per year. The boiler currently in use in the mill makes use of heat from steam, and is approximately 40 years old, CBC confirmed.
The new boiler is expected to be installed by September, and is anticipated to reduce carbon dioxide emissions by 16% and sulphur dioxide emissions by 26%.
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