Oil cream developer talks to reporters

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.

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