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PETRO-CANADA SELLS INVESTMENT

 PETRO-CANADA SELLS INVESTMENT
 CALGARY, Alberta, Sept. 15 /PRNewswire/ -- Petro-Canada announced


today that it has concluded the sale to SES, a subsidiary of Elf Aquitaine of France of its 27 percent interest in Internationale de Services Industriels et Scientifiques ("ISIS") for approximately Cdn. $50 million. ISIS has interests in a group of engineering, consulting, and service companies which deliver French industrial technology internationally, primarily in the oil and gas sector.
 The French Petroleum Institute ("IFP"), continues to own 60 percent of ISIS. Petro-Canada and IFP entered into a research and development cooperation agreement when Petro-Canada acquired its interest in ISIS in 1984. Petro-Canada and IFP have agreed to a continuation of these arrangements until Dec. 31, 1995.
 The sale of this investment in ISIS will result in an after-tax gain in earnings of approximately Cdn. $30 million for the third quarter of 1992.
 W.H. Hopper, Petro-Canada's chairman and chief executive officer said, "The sale of our investment in ISIS continues our program of debt reduction and balance sheet improvement. Our investment in ISIS has strengthened our relationship with the ISIS group of companies, and with IFP, and we expect those relationships to continue."
 Petro-Canada also received approximately Cdn. $170 million as the proceeds of the first installment of the sale by installment receipt of Petro-Canada's 37 percent in Westcoast Energy Inc. which was announced on Aug. 19, 1992, and which closed today.
 The total proceeds from the Westcoast and ISIS sales will be applied to the prepayment of the remaining U.S. $300 million of long- term debt which carries the credit of the Government of Canada.
 -0- 9/15/92
 /CONTACT: Bob Foulkes, public affairs, 403-296-8472, or Paul Cox, investor relations, 403-296-4027, all of Petro-Canada/
 (PC.) CO: Petro-Canada ST: Alberta IN: OIL SU:


JL -- LA015 -- 9553 09/15/92 10:53 EDT
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Publication:PR Newswire
Date:Sep 15, 1992
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