Market Chatter: Canadian Oil Sands to Invest $1.3 Billion in Syncrude Next Year
Canadian Oil Sands Ltd. (COS.TO) said it plans to invest about C$1.30 billion ($1.31 billion) in its Syncrude oil sands joint venture next year to revamp mining infrastructure to produce stable volumes of light crude oil in the long term, Reuters reports.
Syncrude in northern Alberta is one of Canada's two largest oil sands mining and synthetic crude processing operations, with a capacity of about 350,000 barrels per day.
About 63%, or C$836 million, will be invested in projects to replace or relocate mining infrastructure and to develop facilities to reclaim tailings, a by-product of the mining process. The rest would be spent on regular maintenance, the company reportedly said in a statement.
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