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CPP to invest in tar sands
News Articles | Financial Post | Karen Mazurkewich | July 06, 2010
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The Canada Pension Plan Investment Board is making a sizeable investment in Canada’s tar sands. The pension plan announced that it was making a $250-million private placement in Laricina Energy Ltd., a Calgary-based company that has a portfolio of oil sands assets that range from properties in the McMurray formation as well as sites near Grand Rapids and Grosmont. With this investment CPPIB now owns a 17.1% equity interest in the company.
“This is a strong testament to Laricina’s growth potential and continued progress towards building a leading in situ oil sands company,” said Glen Schmidt, president and chief executive of Laricina,
“Laricina has an experienced and proven management team and has strong growth
potential from its world class resource base,” said André Bourbonnais, Senior Vice-
President, Private Investments, CPPIB. One member of CPPIB will be appointed to the Laricina board until the next shareholders meeting at which the board of directors are to be elected.
Tagged with: investment, oilsands, canadian pension plan investment board
