PETRO-Canada, the country's third largest oil producer, has proposed to spend up to CAN$5.8 billion on new oil sands projects in northern Alberta. The corporation has applied to regulators to develop its Meadow Creek lease, about 45 kilometres south of Fort McMurray, Alberta, at a cost of $700-million-$800-million.

The project is expected to produce up to 80,000 barrels a day of tar-like bitumen, with a start-up in 2007. Petro-Canada has also applied to convert its Strathcona refinery, east of Edmonton, into an upgrader to process ...

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