Synthetic oil discounts to linger- Canadian Oil Sands

Fri Nov 30, 2012 10:55am EST
 
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CALGARY, Alberta Nov 30 (Reuters) - Canadian Oil Sands Ltd's chief executive said on Friday he expects synthetic crude to keep selling at a discount to benchmark oil because of surging volumes of light crude from formations like the U.S. Bakken, which competes with the tar sands-derived supply.

CEO Marcel Coutu also said the trend of blending the synthetic with heavy bitumen so it can move to market in pipelines is continuing due to tight condensate supplies.

Canadian Oil Sands has a 37 percent stake in the Syncrude Canada Ltd joint venture, one of the country's largest oil sands developments.