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Petroteq Energy Inc., the company that has begun operating an oil sands extraction plant at Asphalt Ridge near Vernal, has applied for a grant from the Alternative Energy Development Initiative, part of Utah’s Energy Action Plan. The program is designed to spur the growth of state revenues and job growth in the Utah energy market in the form of a 75 percent tax reduction on new revenues, including corporate, sales and withholding taxes for 20 years on projects in the energy sector in the state.

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