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Gold/Mining/Energy : Canadian REITS, Trusts & Dividend Stocks

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To: Taikun who wrote (8915)	2/24/2005 8:37:07 PM
From: johnlw	Read Replies (1) of 11633

FRU.un raises your refining capacity concern in their year end results: "Of great concern to Freehold is the growing surplus of heavy crude and lack of upgrading capacity, which may have a significant negative impact on the trust's price realizations due to the trust's heavier product mix. The price differential between light and heavy crude oil depends on the relative supply and demand fundamentals of each commodity, and at times is quite significant. Within North America, only certain refineries are configured to process heavy oil and their processing capacity is limited. In addition, bitumen production from Alberta's oil sands is expected to increase significantly over the next several years. As a result, markets for heavy oil and bitumen will be somewhat uncertain in the future. Supply and demand imbalances could result in the heavy oil price differential remaining well above historical averages." freeholdtrust.com JW

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