15.02.2010

BP In Talks Over $1.2 Billion Canadian Oil Sands Deal

British oil major BP is in talks to pay about $1.2 billion for a majority stake in a privately held Canadian company with large reserves of oil-rich sand deposits, the Sunday Times reported. A deal to take a stake in Value Creation could anger environmentalists and some BP shareholders who fiercely oppose the oil sands business, which they say is expensive and environmentally damaging, the paper said. Value Creation is in financial trouble and faces being put into receivership on Monday, it reported. BP declined to comment. more