North West Redwater Partnership
Project information
As at 31 December 2025
Description
As at 31 December 2025
Sturgeon Refinery - bitumen upgrader and refinery operated by North West Redwater Partnership (NWRP) in which CNQ holds 50% ownership through Canadian Natural Upgrading Limited. Processes ~50,000 bbl/d of bitumen feedstock - 12,500 bbl/d for CNQ (25% toll payer) and 37,500 bbl/d for Alberta Petroleum Marketing Commission (75% toll payer). NWRP has $1,900M syndicated credit facility. CNQ pays 25% pro rata share of debt component of monthly fee-for-service toll over 40-year tolling period to 2058 (incl $1,792M total interest payable). 2026 toll commitment $116M; thereafter $3,878M.
Processing facilities
As at 31 December 2025
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