Oil sands fell into loss as the market price of crude oil fell below the cost of mining bitumen and converting it into synthetic oil.
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It did the job at a fraction of the cost but used ordinary oil instead of the synthetic oil that the main dealer insisted on.
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The money will be used to hire more staff and to commercialise its technology to manufacture synthetic oil.
Times, Sunday Times
Synthetic oil provides more resistance, because it was developed to continue lubricating when cold and extremely hot, not just at the normal running temperature.
Times, Sunday Times
The oil companies had invested more than $17 billion in the projects, which convert nearly 600,000 barrels of tar-like crude into valuable synthetic oil every day.
Times, Sunday Times