December 21, 2011 / 2:57 PM / 6 years ago

UPDATE 1-Imperial Oil approves expansion of Kearl project

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Dec 21 (Reuters) - Imperial Oil Ltd’s board has approved the expansion of its Kearl oil sands mine in northern Alberta to bring on stream additional capacity by late 2015.

In May, the company, which is majority owned by Exxon Mobil Corp, had said the first phase of the project will cost it C$10.9 billion ($10.60 billion).

The expansion phase has been appropriated for C$8.9 billion and will add about 110,000 barrels per day by late 2015, the company, which owns 71 percent of the project, said in a statement. ($1 = 1.0281 Canadian dollars) (Reporting by Aftab Ahmed in Bangalore; Editing by Roshni Menon)

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