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Message: Canadian Natural in joint proposal for bitumen refinery

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Canadian Natural in joint proposal for bitumen refinery

posted on Jan 28, 10 10:56AM

News from Reuters

Canadian Natural in joint proposal for bitumen refinery

28/01/10

TORONTO (Reuters) - Canadian Natural Resources Ltd , the country's largest heavy oil producer, said on Thursday it has submitted a joint proposal with a smaller partner to the Alberta government to build and operate a bitumen refinery northeast of Edmonton, Alberta.

Canadian Natural said it would hold a 50 percent interest in the venture, which it has entered into with North West Upgrading Inc.

The company said it has also agreed, subject to conditions, to acquire 50 percent of the assets of North West Upgrading.

Closing of the deal is targeted for later in 2010.

(Reporting by John McCrank; editing by Peter Galloway)

© Reuters Limited. All Rights Reserved.
Reproduction or redistribution of Reuters content, including framing or similar means, is expressly prohibited without the prior written consent of Reuters. Reuters shall not be liable for any errors or delays in the content, or for any actions taken in reliance thereon.

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