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News from Reuters

Imperial Oil CEO says still in talks on Mackenzie

03/11/09

CALGARY, Alberta (Reuters) - Imperial Oil Ltd is still talking to the Canadian government about a fiscal framework for the C$16.2 billion ($15.1 billion) Mackenzie Valley natural gas pipeline, the company's chief executive said on Tuesday.

A newspaper report last week said the federal cabinet had rejected a financial support package for the line. However Bruce March told reporters the company was still talking to the government about a package of measures to ensure the line is economically viable.

March also said the company was happy with its 25 percent stake in the Syncrude joint venture, following ConocoPhillips decision last month to put its 9 percent stake in the world's largest oilsands project up for sale.

($1=$1.07 Canadian) (Reporting by Jeffrey Jones, writing by Scott Haggett)

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