Syncrude Canada buys power plant

CALGARY�Syncrude Canada Ltd.'s joint venture partners have bought a power plant near their Mildred Lake oil sands plant in northern Alberta from TransAlta Ltd., Calgary, for $65 million (Can.).

The sale was effective Jan. 1, 2001.

Syncrude Chief Operating Officer Jim Carter says the deal gives Syncrude full control of its energy producing assets and will support the thermal and electrical needs of current operations and future expansion projects.

The power plant was commissioned in 1978. Although it has been owned by TransAlta and its predecessors, Syncrude has operated and maintained it since start-up.

The assets in the TransAlta deal comprise: two 35-Mw gas turbine generators; two 200,000 lb/hr once-through steam generators; three 800,000 lb/hr utility boilers; three 50-Mw back pressure steam generators; one 70-Mw condensing steam turbine generator; and associated support equipment.