Seeking Alpha

Canadian Natural expects financing costs for refinery could double

Canadian Natural Resources (CNQ +0.8%) says it expects rising construction costs and delays at its Sturgeon refinery project in Alberta could double its equity commitment for the project to as much as C$680M.

Sturgeon is designed to process 50K bbl/day of crude oil into refined products such as low-sulfur diesel and diluent used to dilute heavy oil for shipment.

The cost overruns are a setback for Canada's second largest oil and gas company, which has prided itself on completing projects on time and within budget, and raises questions about the project's viability as other oil sands producers have abandoned similar upgrader plans.

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