CPC signs MOU for Canadian oil sands project

Taiwan-based CPC Corp. (CPC) sealed a memorandum of understanding (MOU) with Saskatchewan-based Indian Oilsands in Taipei on July 17 to pave the way for a possible partnership on oil sands development in the central Canadian province, a Saskatoon, Canada-based paper said. Lawrence Joseph, chief of the Federation of Saskatchewan Indian Nations, said that he and Ken Thomas, a consultant to Indian Oilsands visited Taiwan early July to strike the MOU with CPC. He said the first nations of Saskatchewan are grasping the opportunity, potentially worth C$800 million (US$789 million), to “create a win-win” situation for both Taiwan and the Canadian first nations. Canada is the only country in the world that commercializes bitumen production and is the world’s most important supplier of non-conventional oil, producing more than 1 million barrels per day from oil sands. (July 22/26, 2008)