Tuesday, August 19, 2008

Bill Gates, Warren Buffett in Secret Trip to View Alberta Oil Sands

Northeastern Alberta, Canada was the destination of two of the world's richest men, as Bill Gates and friend Warren Buffett secretly flew into the Canadian province to take a look at the oilsands.

The stated reasons were to satisfy "their own curiosity" but also "with investment in mind."

At this time there is about $125 billion in new construction planned for the rich depository of oil, as well as operating expenses projected at $215 billion through the next five years. With Berkshire Hathaway (BRK-A) sitting on billions, it offers them the type of opportunity Buffett looks for, as the size of the company prohibits smaller investments.

Spokesman for Candain Natural Resources Ltd., Rob Larson, confirmed the pair visited the site, but refused to offer any more information.

Fort McMurray mayor Melissa Blake added that although she wasn't aware of the Gates/Buffett visit, there have been a number of "high-profile investors, politicians and even royalty" coming around to have a look at the high-potential oil depository.

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