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Article: Koch bails on oil sands scheme.(Koch Industries' subsidiary TrueNorth Energy's oil sands project in Alberta, Canada)(Brief Article)
- Article from:
- International Petroleum Finance
- Article date:
- February 1, 2003
CopyrightCOPYRIGHT 2003 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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The Kyoto climate change pact has officially claimed its first victim in Western Canada's oil sands industry. TrueNorth Energy shelved its proposed 190,000 b/d Fort Hills oil sands project in northern Alberta last month citing market uncertainties, the impact of Kyoto, and soaring costs. High labor and equipment prices forced TrueNorth, a subsidiary of US Koch Industries, to hike cost estimates 40% to C$3.5 billion (US$2.2 billion) last spring and it has since failed to find a partner to help ...
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