State-owned firm reportedly has deal in place with Athabasca Oil Corp.
TORONTO—Kuwait’s state-owned petroleum company has reportedly signed a preliminary deal to invest as much as $4-billion in a joint venture with Athabasca Oil Corp.
The Globe and Mail says officials of Kuwait Petroleum Corp. have a memorandum of understanding for an investment to develop some of Athabasca’s oilsands properties in northern Alberta.
The newspaper quotes Kuwait’s Ambassador to Canada, Ali al-Sammak, as confirming the deal, which the ambassador says should be finalized by October.
Athabasca publicly stated last month that it was looking for a partner to help develop its properties.