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Sunshine Oilsands ( (HK:2012) ) has shared an announcement.
Sunshine Oilsands Ltd., a Calgary-based oil sands producer listed in Hong Kong, has entered a three-year, non-binding cooperation framework agreement with Guangdong Shouren Supply Chain Management Co., Ltd. The deal covers crude oil and bitumen sourced from Sunshine’s Canadian fields and surrounding areas, with Guangdong Shouren committing to prioritize purchases from the company.
Under the framework, Guangdong Shouren plans to procure at least 500,000 tonnes of crude oil and bitumen annually, with specific pricing to be set through subsequent negotiations and price confirmation notes. Sunshine expects the arrangement to expand its crude and bitumen trading business into China, leverage the relative price advantage of Canadian oil products, and support margins and cash flow while its Canadian oil fields undergo maintenance.
More about Sunshine Oilsands
Sunshine Oilsands Ltd. is a Calgary-based public company listed on the Hong Kong Stock Exchange, focused on developing oil sands and heavy oil leases in Alberta’s Athabasca region. The company owns interests in oil sands as well as petroleum and natural gas leases and is currently prioritizing milestone development at its West Ells project, where Phase 1 is operational with an initial production target of 5,000 barrels per day.
YTD Price Performance: -18.60%
Average Trading Volume: 4,859,459
Technical Sentiment Signal: Sell
Current Market Cap: HK$200M
See more insights into 2012 stock on TipRanks’ Stock Analysis page.