All right. Then I won't review the size or the basic elements of it. Instead I'll just talk a little about the progress to date and leave time for questions.
We have made significant progress in all areas of the project. Almost all issues are resolved. We've chosen the refinery site and British Columbia has reserved the crown land for us. All levels of government in British Columbia and the Canadian government indicate support for the endeavour. We've had consultations with 25 first nations chiefs thus far. We believe we will reach agreements with most, if not all. There don't seem to be any big roadblocks. The public is supportive locally, and, most importantly, all polls indicate that the public is solidly behind us throughout the province. Two-thirds of the public are behind a pipeline across B.C. if there is a refinery. Two-thirds are against the idea of a pipeline across B.C. without a refinery, just putting our raw resources onto tankers and endangering the coastline with the diluted bitumen.
A strategy for financing the project has been developed. We've signed a memo of understanding with ICBC, the Industrial and Commercial Bank of China, which is the largest bank in the world. We're working to sign another with the China Development Bank, which is their mandated bank to invest outside China. China wants to take all the refined fuel, so the off-take agreement is in the process of being drawn up.
We have agreed on the technology for the refinery. It is new technology, never used before in a heavy oil refinery. It will maximize the product yields and provide for far better environmental impacts than any other refinery in the world—half of the greenhouse gas. We expect to submit our environmental application this fall. This will take two and a half years, probably, and during that time we'll be putting contracts in place in all the foregoing matters. We will also be completing a major feasibility study, which is a prerequisite to financing the project, during that timeframe.
Thank you.