Canadian Natural Resources Limited -- Moody's views capital cost increase on CNRL's 50%-owned Sturgeon refinery as credit negative

Toronto, December 06, 2013 -- On December 4, 2013, Canadian Natural Resources Limited's (CNRL) 50%-owned North West Redwater partnership (NWR) announced a 50% increase in the construction cost estimate of its Sturgeon refinery to CAD8.5 Billion from CAD5.7 billion, as well as revisions to associated bitumen processing agreements. This is credit negative for CNRL because it heightens concerns about the ultimate cost of the project and increases the project debt that we allocate to CNRL to CAD1.7 billion from CAD1.25B, and increases CNRL's equity commitment to the project to CAD850 million from CAD570 million.

Vollständigen Artikel bei Moodys lesen