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Imperial Oil plans to enter into Management Services Agreement with Syncrude
Canada Ltd.
| Calgary, AB,
November 1, 2006
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Imperial Oil Limited confirms that its affiliate Imperial Oil Resources plans
to enter into a Management Services Agreement with Syncrude Canada Ltd. to
provide operational, technical and business management services to Syncrude
Canada Ltd.
Under the agreement, Imperial and ExxonMobil
would second management and staff into selected positions within Syncrude and
expert teams would assist in the implementation of proven global best
practices and systems.
Given the complexities of this
agreement, Imperial has a checkpoint after approximately six months that would
allow Imperial to withdraw. In addition, the agreement can be cancelled in 24
months by either party.
The agreement does not change the
existing Ownership and Management Agreement between the Syncrude owners and
Syncrude Canada Ltd. -- Syncrude Canada Ltd. remains the operator. Ownership
in the Syncrude Joint Venture remains unchanged as does the proportionate
ownership in Syncrude Canada Ltd. The oversight and strategic direction for
Syncrude continues to come from the Syncrude owners’ Management Committee,
which is currently chaired by the Canadian Oil Sands Trust.
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