PETRO-CANADA TO CUT REFINING CAPACITY

Responding to sliding product sales, state owned Petro-Canada, Calgary, will mothball one refinery and reduce operations at another. The moves will reduce refining capacity by more than 65,000 b/d. Petro-Canada also will close or sell more than 1,000 of its 3,200 retail outlets and 340 wholesale outlets during the next 2-3 years. The changes will result in a $637 million (Canadian) writedown of assets, or an after tax charge of $369 million.

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