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Japan Canada Oil Sands to keep Hangingstone project offline until further notice

Canadian Press | August 9, 2016 | 12:28 am Energy Asia

One of Canada’s oldest oilsands projects, which was shut down during the wildfires in Fort McMurray, Alta., will remain closed until benchmark oil prices rise above US$50 per barrel, Japan Canada Oil Sands Ltd. said Monday.

The Hangingstone thermal oilsands project, operated by Japan Canada Oil Sands Ltd. since 1999, was shuttered in May as a precaution when staff were evacuated due to the wildfires.

Satoshi Abe, the company’s executive vice-president, said the facility won’t be restarted for economic reasons.

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