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Petro-Canada is throwing cold water on heated speculation it will buy Fort Hills oil sands partner UTS Energy.
In a conference call Monday to explain the latest delay in the $24-billion project - a final decision on development has been deferred to next year, rather than by the end of 2008 - Petrocan executives said they are content to remain the 60 per cent owner of the project.
There has been widespread speculation that Petrocan would take over UTS Energy, which owns 20 per cent of Fort Hills. A combination of the credit crunch and the slump in energy stocks have made it difficult, if not impossible, for UTS Energy to pay its portion of the bill from Fort Hills. That reality translates into a UTS Energy stock that changes hands for less than the value of the cash on its balance sheet.
Teck owns the remaining 20 per cent of Fort Hills.
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No deficits As promised from Ontario, Canada writes: Good!
- Posted 17/11/08 at 1:49 PM EST | Alert an Editor | Link to Comment
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