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Japanese Oil Sands Project Approved After 34-Year Wait

Dec 17, 2012
(Calgary Herald)

A Japanese company that has been active in the oilsands since 1978, the year that the video game Space Invaders was invented in Japan, has approved construction of its first commercial project.

Calgary-headquartered Japan Canada Oil Sands Ltd. or Jacos confirmed Friday that its parent company, Japan Petroleum Exploration Co. Ltd. or Japex has made the final investment decision to proceed with its $1.4-billion, 20,000-barrel-per-day Hangingstone thermal oilsands project south of Fort McMurray in northern Alberta.

The project is 25 per cent owned by Nexen Inc., which received federal approval a week ago to be taken over by Chinese-owned CNOOC for $15.1 billion.