Oil cream developer talks to reporters
Oil cream developers are in talks to partner with oil companies in developing oil cream plants, a key component of the development of oil sands production.
A deal has been reported by Bloomberg News that would see the oil industry’s top oil company in Canada and the United States investing $10 million in a project in the U.S. That could be a first step toward a Canadian and U.A.E. joint venture.
The companies declined to comment.
Bloomberg’s report, which cited unnamed sources, said oil companies are interested in working with the Calgary-based firm in a “small scale” oil-cream production facility.
The Calgary-headquartered company, known for its work in petrochemical production and petrochemicals, has previously announced that it is seeking $5 billion in new investment in Alberta.
In April, it signed a deal with Chevron Corp. to produce oil-based petrofuels for export.
The new investment will bring the company’s total investments in the Alberta oil sands to $15 billion.
In addition to the $10 billion in oil-driven investments, oil-focused companies such as Suncor Energy Inc. have expressed interest in partnering with the Alberta firm to develop oil-producing plants, the report said.
Suncor said it was not commenting.