11:11 AM EST - Canadian Natural Resources Limited : said the company and North West Upgrading Inc. or "NWU", have submitted a joint proposal to the Alberta Government to construct and operate a bitumen refinery near Redwater, Alberta. The company will hold a 50% interest in the venture and also agreed to supply 12,500 bbl/d of its own bitumen production to Phase 1 of the proposed facility. Canadian Natural stated that this submission enables the Alberta Government to achieve its objective to upgrade its bitumen share of royalties from Alberta producers. In association with the joint proposal, the company has agreed to purchase 50% of the assets of NWU and form a partnership to construct and operate the facility. The closing of the acquisition is targeted for later in 2010. Canadian Natural Resources Limited
shares T.CNQ are trading down $0.22 at $69.67.
