Trading of Athabasca Oil Corp. shares was halted in Toronto following a report that Kuwait Petroleum Corp. will invest as much as C$4 billion ($4.05 billion) in a joint venture with the Canadian oilsands producer.
Canadian regulators imposed a temporary suspension of trading before the market opened today, which usually occurs in anticipation of a material news announcement. The shares fell 0.5 per cent to C$12.51 at the close yesterday, giving the company a market value of C$5 billion.
Kuwait’s national oil company will help develop Athabasca’s oilsands assets in Alberta, the Globe and Mail newspaper reported today, citing Kuwait’s Ambassador to Canada, Ali al- Sammak. The ambassador didn’t immediately return a phone message seeking comment.