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.

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