October 18, 2006 16:23 ET

Petro-Canada Invests $2 Million in NAIT

CALGARY, ALBERTA--(CCNMatthews - Oct. 18, 2006) -

Editor's Note: A photo for this release will be available on the CP picture wire via CCNMatthews.

Petro-Canada is investing $2 million in NAIT (Northern Alberta Institute of Technology) in Edmonton to increase the number of spaces available to students who are interested in becoming millwrights. The majority of the contribution, $1.7 million, will go toward building a new millwright trades centre - to be named the NAIT/Petro-Canada Centre for Millwright Technology. The remaining $300,000 will establish Petro-Canada's Emerging Leaders Program at NAIT, a program providing financial awards to high-potential students in a variety of technological disciplines.

According to Ron Brenneman, Petro-Canada's President and CEO, "The trades are increasingly important in our strong industrial economy. Working with NAIT will create a strong and beneficial partnership focused on developing the skilled trades we need to meet Alberta's and Petro-Canada's future needs."

The new NAIT/Petro-Canada Centre for Millwright Technology is partially constructed, with building completion scheduled for the fall of 2007. The building will provide an additional 200 seats in NAIT's millwright program. Millwrights install, maintain, and repair industrial machinery and equipment. Petro-Canada employs millwrights in refineries, gas plants and other production facilities. Petro-Canada will hire more millwrights when it begins building the proposed upgrader in Sturgeon County and starts construction on the Fort Hills mine project.

The remaining $300,000 - from the Emerging Leaders Program - will be in the form of scholarships to top NAIT students. Petro-Canada created the Emerging Leaders Award Program to help address the country's growing skilled labour shortage issue. It is intended to assist post-secondary students in areas of study related to Petro-Canada's business.

Petro-Canada is one of Canada's largest oil and gas companies, operating in both the upstream and the downstream sectors of the industry in Canada and internationally. The Company creates value by responsibly developing energy resources and providing world class petroleum products and services. Petro-Canada is proud to be a National Partner to the Vancouver 2010 Olympic and Paralympic Winter Games. Petro-Canada's common shares trade on the Toronto Stock Exchange under the symbol PCA and on the New York Stock Exchange under the symbol PCZ.

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