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Article: Statoil makes costly foray into oil sands.(acquires North American Oil Sands Corp.)
- Article from:
- The Oil Daily
- Article date:
- April 30, 2007
- Author:
CopyrightCOPYRIGHT 2007 Energy Intelligence Group. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Norway's Statoil announced Friday the acquisition of privately held North American Oil Sands Corporation (NAOSC) for C$2.2 billion (US$1.97 billion), becoming the latest European oil major to diversify into the Canadian oil sands business.
"The NAOSC acquisition will support our production growth profile past 2010," Statoil Chief Executive Helge Lund said in a conference call with analysts. "I believe it will create value by enriching Statoil's core competencies."
The three principal shareholders of NAOSC, collectively holding 69% of the outstanding shares issued, have already agreed to the offer, Statoil said.
"The price is high but for a ...