Hyperion Refining is studying submitting a new air permit application in South Dakota for the construction of a $10 billion refinery instead of seeking an extension, company officials said. The proposed plant would process 400,000 barrels of Canadian tar sands crude oil into various fuels. "While there are advantages and disadvantages to both approaches, the state officials expressed a clear preference that we come in with a new permit," said Preston Phillips, vice president of Hyperion.

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