The major closure was Petro-Canada in Oakville. It's no secret that that refinery was not an attractive investment to put in the expenses required to desulphurize the gasoline. It was a smaller refinery and it just wasn't worthwhile.
There are three big refinery projects right now that are being talked about. Shell has one in southwestern Ontario; we're talking about 300,000 barrels a day. The total Canadian capacity is two million, so this is a huge chunk. Irving has another one, and Irving is primarily an export refinery. They supply all their local demands, but they export quality products to California—very specific gasoline blends required for California. It is a very sophisticated refiner, and that would double their capacity, another 300,000 barrels a day. Then there is another refining complex being discussed in Newfoundland. Those are huge investments.
You really have to put it into the context of the risks refiners are facing. One of the risks, certainly, is the demand, as Tony mentioned. If in the transportation segment Canada were to hit its Kyoto targets, the demand would have to drop by 30%. So it takes a fair bit of intestinal fortitude to spend $4 billion or $5 billion with the chance that your demand might go down by 30%. Those are the planning decisions that these major corporations have to look at before investing in that segment.
When you look at the upstream, over 80% of the profits of the integrated companies last year came from the upstream business. On average it's about 75%; last year it was 80%, and it's driven by the crude price.