Post by noahltl on Sept 26, 2005 14:34:20 GMT -6
China and Canadian Oil Sands
UPDATE 1-Oil sands firm Synenco Energy sets IPO
Mon Sep 26, 2005 03:48 PM ET
(Adds details, background)
CALGARY, Alberta, Sept 26 (Reuters) - Synenco Energy has filed for an initial public offering to fund its share of the C$5.3 billion ($4.5 billion) Northern Lights oil sands project in Alberta, the company said Monday.
Synenco has a 60 percent stake in the mining, bitumen extraction and upgrading development, set to start producing 50,000 barrels a day in late 2010, rising eventually to 100,000.
Last spring, Sinopec Group bought a 40 percent interest in the Northern Lights project for C$105 million as part of a wave of Chinese interest in Canada's vast oil sands.
Synenco said it intends to use the proceeds from the IPO to fund its share of pre-sanctioning costs and deposits on long lead-time orders, including efforts needed for a regulatory application.
TD Securities is lead manager and bookrunner for the offering and CIBC World markets is co-lead manager, the company said.
It has filed a preliminary prospectus. The close of the IPO is expected in mid-November.
($1=$1.17 Canadian)
yahoo.reuters.com/financeQuoteCompanyNewsArticle.jhtml?duid=mtfh62333_2005-09-26_19-48-28_n26146869_newsml
UPDATE 1-Oil sands firm Synenco Energy sets IPO
Mon Sep 26, 2005 03:48 PM ET
(Adds details, background)
CALGARY, Alberta, Sept 26 (Reuters) - Synenco Energy has filed for an initial public offering to fund its share of the C$5.3 billion ($4.5 billion) Northern Lights oil sands project in Alberta, the company said Monday.
Synenco has a 60 percent stake in the mining, bitumen extraction and upgrading development, set to start producing 50,000 barrels a day in late 2010, rising eventually to 100,000.
Last spring, Sinopec Group bought a 40 percent interest in the Northern Lights project for C$105 million as part of a wave of Chinese interest in Canada's vast oil sands.
Synenco said it intends to use the proceeds from the IPO to fund its share of pre-sanctioning costs and deposits on long lead-time orders, including efforts needed for a regulatory application.
TD Securities is lead manager and bookrunner for the offering and CIBC World markets is co-lead manager, the company said.
It has filed a preliminary prospectus. The close of the IPO is expected in mid-November.
($1=$1.17 Canadian)
yahoo.reuters.com/financeQuoteCompanyNewsArticle.jhtml?duid=mtfh62333_2005-09-26_19-48-28_n26146869_newsml