Industry committee  I have no doubt that they're a credible owner of a refinery. They already do run that, and I have no reason to believe that they could not do so here.

Industry committee  I do not want to judge their balance sheet. That's up to them. They showed us the capability of raising those funds, a vast majority--the amount of funds they were going to put in was tiny. Most of those funds were coming either from loans, from--

Industry committee  Mr. Chair, again--

Industry committee  Mr. Chair, the terms sheet for the refinery alone has been publicly discussed here. The special committee knows what it was. It was in the range of $150 million to $200 million. The reason it's not an exact number is it depends on some other factors in the detailed offer that wou

Industry committee  I do not--

Industry committee  Monsieur Houle.

Industry committee  A huge number of factors--not necessarily age, but size. The Port Arthur refinery in Texas will become one of the two largest refineries in the whole of North America, Canada and the United States.

Industry committee  I don't know the exact number, but it's billions of dollars.

Industry committee  Yes.

Industry committee  In our discussions—and the discussions based on expressions of interest went the furthest with Delek, and this was on June 21--both parties set ourselves a timeline that should we come to an agreement we needed to do so by July 23. That was a target we set during that meeting. Th

Industry committee  I don't consider Singapore or the gulf coast of Texas to be low labour rate areas of the world. We're making an enormous investment in Port Arthur, Texas, to double that refinery, and we've made a very, very large investment in Singapore as well.

Industry committee  Mr. Chair, we have a responsibility to make our products in the places in the world where it makes the most sense. Unfortunately, this refinery has not been competitive for many years. It's the least competitive refinery in Canada. That's not our analysis; that's an industry benc

Industry committee  Mr. Chair, the fact is this is not--

Industry committee  Mr. Chair, this is not only our own analysis, but a lot of other companies have looked at this, including... Someone characterized Delek as not a credible owner. I did not do that. They are a credible refiner. They are a refiner themselves. They and other credible refiners have l

Industry committee  I'll make a general statement, and then on the specific issue around aviation fuel I'll let Monsieur Houle answer. There's a presumption in some of the questions, Mr. Chair, that we don't care about our customers. We didn't want to sell the refinery. The best thing we saw as a c