04 January 2012 03:27 [Source: ICIS news]
GUANGZHOU (ICIS)--Athabasca Oil Sands Corp (AOSC) will sell its remaining 40% interest in the ?xml:namespace>
In 2010, AOSC sold 60% stakes in MacKay and a separate project,
AOSC will use the proceeds from the sale to implement its strategy on increasing light oil drilling and completion programs, the company said.
“Our strategy is to ultimately achieve approximately 50% of our production from the company’s oil sands division and the balance from the light oil division” said AOSC’s chairman Bill Gallacher.
“We will use the proceeds from the option exercise to implement this strategy,” he added.
With additional reporting by Nurluqman Suratman
($1 = C$ 1.01)
For the latest chemical news, data and analysis that directly impacts your business sign up for a free trial to ICIS news - the breaking online news service for the global chemical industry.
Get the facts and analysis behind the headlines from our market leading weekly magazine: sign up to a free trial to ICIS Chemical Business.
|ICIS news FREE TRIAL|
|Get access to breaking chemical news as it happens.|
|ICIS Global Petrochemical Index (IPEX)|
|ICIS Global Petrochemical Index (IPEX). Download the free tabular data and a chart of the historical index|
Asian Chemical Connections