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AGREEMENT REACHED ON COMPLETION FUNDING FOR BI-PROVINCIAL UPGRADER

AGREEMENT REACHED ON COMPLETION FUNDING FOR BI-PROVINCIAL UPGRADER
 CALGARY, Aug. 13 /PRNewswire/ -- Husky Oil Ltd. announced today that an agreement has been reached on the funding required to complete the Bi-Provincial Upgrader.
 The four joint ventures have agreed that up to $190 million of the additional funds required for completion, commissioning and start up will be provided by Husky Oil, the Government of Canada and the Government of Alberta. Canada, Alberta and Husky will be paid back the completion funds out of initial project proceeds.
 When completed in November 1992, the Upgrader will have the capacity to produce 46,000 barrels per day of synthetic crude. "With construction on schedule and over 97 percent complete, getting the project finished and generating returns to the owners is our top priority", said Art Price, president and chief executive officer of Husky Oil. Mr. Price added that a number of Upgrader units have been started up and are producing product.
 The three governments and Husky Oil are joint venture owners of the Bi-Provincial Upgrader: Canada 31.67 percent; Alberta 24.17 percent; Saskatchewan 17.50 percent; and Husky Oil 26.67 percent. Husky Oil is the construction manager and operator for the project with responsibility for day-to-day operations.
 -0- 8/13/92
 /CONTACT: Dawn Mitchell of Husky Oil Ltd., 403-298-7188/ CO: Husky Oil Ltd. ST: Alberta IN: OIL SU: JVN


SC -- SE004 -- 9677 08/13/92 13:22 EDT
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Publication:PR Newswire
Date:Aug 13, 1992
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