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FINANCIAL NEWS
Kuwait’s KPC refutes reports of signing oil deal in Canada
01 Sep 2012
(MENAFN) Kuwait Petroleum Corporation (KPC) has denied reports of signing a deal to develop an oilfield in Canada, Kuwait News Agency reported.
The denial came after it was reported that Athabasca Oil Corp has signed a preliminary deal with KPC to develop Hangingstone and Birch oil sands in Alberta.
Athabasca said last month it had signed a letter of intent to jointly develop the Alberta oil sands without naming its partner, which the reports quoted a “source familiar with the talks” as saying it was KPC.
The company said the deal is conditional upon finalising details and garnering regulatory approvals, and gave no assurance that it will be completed.
Athabasca’s Hangingstone property is its most advanced oil sands holding, with first production expected by the end of 2014. Construction is scheduled to start at the end of 2012.
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