UPDATE 2-Imperial to go ahead with C$8 bln Kearl project
* To proceed with 110,000 bpd stage
* Expects production by late 2012
* Pegs cost at C$8 bln, or C$4.50 per barrel
* Shares rise less than 1 pct (Adds details, comments)
By Scott Haggett
CALGARY, Alberta, May 25 (Reuters) - Imperial Oil Ltd (IMO.TO: Quote, Profile, Research) on Monday said it would go ahead with its C$8 billion ($7.1 billion) Kearl oil sands project, the first major new development to be approved in the region of northern Alberta since the recession forced a spate of cancellations.
Imperial, Canada's biggest oil exploration and refining firm, said it expects to complete the mining project's first 110,000 barrel per day stage by late 2012.
"It's a big project and it's a high-quality oil sands resource," said Gordon Wong, a spokesman for the company. "It's a very exciting day for Imperial."
Future expansions could boost production from the site north of Fort McMurray, Alberta, to 300,000 barrels a day. Continued...
Dubai Debt Fears
Banks outside the Gulf played down their exposure to Dubai debt, after fears the emirate could default and even derail world economic recovery prompted a sell-off in global markets. Full Article | Slideshow
One Year Later
Mumbai held tearful memorials and police staged a show of strength as it marked the first anniversary of militant raids that killed 166 people and pushed up tensions with Pakistan. Slideshow | Full Coverage
