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Kuwait to Invest Up to $4 Billion in Canadian Oil Sands

Posted by Globe and Mail: Shawn Mccarthy, Jacquie Mcnish AND Carrie Tait on August 31st, 2012
Globe and Mail: Kuwait's state-owned petroleum company has signed a preliminary deal to invest as much as $4-billion in a joint venture with Athabasca Oil Corp. to develop some of its oil sands properties in northern Alberta. Kuwait's Ambassador to Canada, Ali al-Sammak, confirmed in an interview that senior Kuwait Petroleum Corp. officials signed a memorandum of understanding earlier this month. A final agreement is expected in October. "It's a plus-or-minus $4-billion deal and in October they'll be coming...
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