Company News: Canadian Oil Sands bids $1.07 billion for Syncrude stake

02/10/2003
Canadian Oil Sands Trust, through its wholly owned subsidiary Canadian Oil Sands Ltd., reported it will acquire an additional 10% interest in the Syncrude oil project from Calgary-based EnCana Corp. for $1.07 billion (Can.). The Syncrude project—a joint venture operated by Syncrude Canada Ltd. near Fort McMurray, Alta.—is the world's largest producer of light, sweet crude from oil sands and the largest single source of oil production in Canada.In addition, EnCana granted Candian Oil Sands an option to purchase—on similar terms and before yearend—EnCana's remaining 3.75% share in the project and an overriding royalty. If exercised, the option would generate ...
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