Kuwait Petroleum reportedly plans to invest up to $4B in oilsands partnership

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.