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Enter Symbol
or Name
USA
CA



Canexus Corp
Symbol CUS
Shares Issued 183,191,940
Close 2014-10-23 C$ 3.84
Market Cap C$ 703,457,050
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FP/CP say Canexus suffers a contract cancellation

2014-10-24 09:00 ET - In the News

The Financial Post reports in its Friday, Oct. 24, edition that Canexus said Thursday a mid-stream logistics and marketing company has cancelled its agreement with the company to ship oil from its oil-by-rail terminal. A Canadian Press dispatch to the Post reports that Canexus said the termination of the contract follows a delay in the tie-in of the Cold Lake pipeline system to the North American terminal operations facility in Bruderheim, Alta. "However, the customer who cancelled the agreement has indicated they remain interested in discussing a mutually acceptable relationship with Canexus," said chief executive officer Doug Wonnacott. Canexus is trying to sell the oil-by-rail facility. Mr. Wonnacott says North American terminal operations "remain an attractive asset which is evident from the significant interest we have had in the facility since placing it up for sale." On Thursday, Cenovus president and CEO Brian Ferguson said Cenovus has not changed its shipping deal with Canexus despite the delay in the expanded terminal resuming operations. He said, "We have a contract, which was 10,000 barrels a day of unit train loading capacity there, and we have not changed any of the terms of that arrangement."

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