Issuer

North West Redwater Partnership

Project Finance

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Summary

North West Redwater Partnership is a partnership between CNR (Redwater) Limited (wholly owned by Canadian Natural Resources Limited) and NWU Limited Partnership (privately held). It is responsible for designing, constructing, commissioning and financing an upgrader-refinery, as well as receiving and processing bitumen blend under two essentially identical 30-year tolling arrangements with the Alberta Petroleum Marketing Commission and the Canadian Natural Resources Partnership, respectively.