Athabasca sanctions $536M oilsands project

CALGARY — Athabasca Oil Corp. announced Wednesday it has sanctioned the construction for $536 million of the 12,000-barrel-per-day first phase of its Hangingstone oilsands project.

The project and another called Birch are to be 50 per cent funded through a joint venture partnership. Athabasca has said it has a tentative deal with two international partners, one of which is believed to be the Kuwait national oil company, but is waiting for finalization before revealing details.

Read more: