Tar sands stocks take beating as Connacher shelves expansion
Syndicated from Oil Sands Truth on Mon, 2008-10-06
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Oil sands stocks take beating as Connacher shelves expansion
Carrie Tait, Financial Post Published: Monday, October 06, 2008
CALGARY -- Oil sands stocks were being clobbered Monday, an indication the market continues to doubt whether these companies will be able to secure financing to plow ahead with expensive projects.
Connacher Oil and Gas Ltd. admitted Monday it has shelved plans to expand capacity at its heavy oil refinery in Great Falls, Mont. It had wanted to jump from processing 9,500 barrels of oil a day to 35,000 barrels.
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