North West Redwater Partnership

This is a joint venture between North West Upgrading Inc. and Canadian Natural Resources Limited. Each company holds a 50% stake.

Company Overview:

North West Upgrading Inc is a private, Alberta-based company that was founded in 2004 by a group of Albertans who shared a vision to build a world class bitumen refining business that would allow them to maximize the value of bitumen resources in a responsible and sustainable manner.

Canadian Natural Resources Limited is one of the largest independant crude oil and natural gas producers in the world.

Project Description:

150,000 barrel per day bitumen upgrader and diesel refinery (to be completed over 3 phases)

Capital Cost:

$5 Billion for phase 1, which will produce 50,000 barrels per day

Status:

The Bitumen Royalty in Kind was signed in February, 2011 with the Alberta Government, resulting in accelerated engineering and design work. A target of late 2011 or early 2012 has been set for the sanctioning of the first phase. Currently, on-site work is minimal and includes only basic site preparation and other limited activities. This is expected to continue for the remainder of this year until the project is officially sanctioned. At that point, significant on-site work is expected to commence - most likely in 2012 once the site is clear of snow and mud. It is planned for the facility to be operational in 2014 with phases 2 and 3 to follow.