yyctimes

    Subscribe to Updates

    Get the latest creative news from FooBar about art, design and business.

    What's Hot

    Chateau Lake Louise reopens June 1; 98 years ago

    June 1, 2023

    Calgary’s police chief paints positive picture in annual report

    June 1, 2023

    Braid: Smith safe from party upheaval despite smallest majority ever

    June 1, 2023
    • Home
    • Contact Us
    Facebook Twitter
    yyctimes
    yyctimes
    Home ยป Suncor inks deal with French company that will expand bitumen production capacity
    yyctimes

    Suncor inks deal with French company that will expand bitumen production capacity

    yyctimesBy yyctimesApril 27, 2023No Comments2 Mins Read
    Facebook Twitter LinkedIn Telegram Pinterest Tumblr Reddit Email
    Share
    Facebook Twitter LinkedIn Pinterest Email

    By Workers

    The Canadian Press

    Posted April 27, 2023 9:22 am

    Up to date 27 April 2023 09:31

    French firm TotalEnergies says it has signed an settlement to promote its Canadian operations to Suncor Power Inc. to be offered in a deal value as much as $6.1 billion.

    Underneath the settlement, Suncor pays $5.5 billion in money, plus as much as a further $600 million that’s topic to Western Canadian Choose benchmark oil costs and sure manufacturing targets.

    “This transaction represents a significant step in securing long-term bitumen provide to our base plant upgraders at a aggressive provide price,” Suncor CEO Wealthy Kruger stated in a press release.

    “These are useful oil sands belongings which are a strategic match for us and add long-term shareholder worth.”

    TotalEnergies EP Canada Ltd. holds a 31.23 p.c working curiosity within the Fort Hills oil sands mission and a 50 p.c working curiosity within the Surmont in situ asset.

    Story continues under commercial

    The deal means Suncor will personal 100% of Fort Hills.


    Click to play video: 'Suncor Energy says it will cut 10 to 15 percent of its workforce over the next 18 months'

    1:49
    Suncor Power says it should reduce 10 to fifteen p.c of its workforce over the following 18 months


    Surmont is operated by ConocoPhillips Canada which holds the opposite 50 p.c stake. Underneath the phrases of the Surmont three way partnership preparations, ConocoPhillips Canada has sure rights of first refusal, together with a proper of first refusal on the 50 p.c Surmont working curiosity.

    TotalEnergies introduced final yr that it deliberate to exit the Canadian oil sands by spinning off TotalEnergies EP Canada, however stated it determined to promote the operations as an alternative after receiving a number of unsolicited presents, together with the one from Suncor.

    Suncor stated the deal will add 135,000 barrels per day of internet bitumen manufacturing capability and a couple of.1 billion barrels of confirmed and possible reserves to Suncor’s oil sands portfolio.

    The Calgary-based firm stated as soon as the deal closes, it goals to extend its quarterly dividend by about 10 per cent.

    Story continues under commercial


    Click to play video: 'Dead wildlife at Alberta tailings dam site raises concern'

    2:15
    Useless wildlife at Alberta tailings dam website raises concern



    Journalistic requirements


    Report a bug

    &copy 2023 The Canadian Press



    Source link

    Share. Facebook Twitter Pinterest LinkedIn Tumblr Email
    yyctimes
    • Website

    Related Posts

    Backcountry around Brazeau Dam being evacuated due to several raging forest fires

    May 5, 2023

    Alberta election: NDP hopes to woo undecided conservatives; UCP looks to workers

    May 5, 2023

    Alberta election fact check: Will it cost $87B to decarbonize the grid?

    May 5, 2023

    Investigators desperately trying to identify victim in Alberta child sexual assault case

    May 4, 2023

    Northwest Calgary home severely damaged by fire

    May 4, 2023

    Alberta wildfires: Rural Yellowhead County residents told to flee to Wildwood

    May 4, 2023

    Leave A Reply Cancel Reply

    Don't Miss
    yyctimes

    Chateau Lake Louise reopens June 1; 98 years ago

    By yyctimesJune 1, 2023

    Article content material All of it started in 1890 with a small log cabin on…

    Calgary’s police chief paints positive picture in annual report

    June 1, 2023

    Braid: Smith safe from party upheaval despite smallest majority ever

    June 1, 2023

    Four things to know about this year’s 4th Street Lilac Festival

    June 1, 2023
    Our Picks

    Chateau Lake Louise reopens June 1; 98 years ago

    June 1, 2023

    Calgary’s police chief paints positive picture in annual report

    June 1, 2023

    Braid: Smith safe from party upheaval despite smallest majority ever

    June 1, 2023

    Four things to know about this year’s 4th Street Lilac Festival

    June 1, 2023

    Subscribe to Updates

    Get the latest creative news from SmartMag about art & design.

    Our Picks

    Chateau Lake Louise reopens June 1; 98 years ago

    June 1, 2023

    Calgary’s police chief paints positive picture in annual report

    June 1, 2023

    Braid: Smith safe from party upheaval despite smallest majority ever

    June 1, 2023
    New Comments

      Type above and press Enter to search. Press Esc to cancel.