HEAVY OIL UPGRADER CONSIDERED FOR ALBERTA

Imperial Oil Ltd. is considering construction of a heavy oil upgrader in northern Alberta with a price tag of as much as $3 billion. The project would be tied to heavy oil operations at Cold Lake, Alta., by Imperial unit Esso Resources Canada Ltd. A company spokesman said an upgrader is a possible alternative to the proposed $4.5 billion OSLO oilsands project in the Fort McMurray region. Esso is lead partner in that project. Recent studies showed OSLO would not be economic at current oil

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