-13.4 C
Fort St. John
Wednesday, January 16, 2019
Tel: 250-787-7100
9924 101 ave Fort St. John, B.C.
Advertisement
Advertisement

Fort Hills partners settle funding dispute, Total reduces stake in project

Advertisement

CALGARY — The partners in the Fort Hills oilsands project have settled a funding dispute that will see French oil company Total reduce its stake in the development.

Under the agreement, Suncor Energy Inc.’s stake in the project has increased to 53.06 per cent from 50.8 per cent, while Teck Resources Ltd.’s share has increased to 20.89 per cent from 20 per cent.

Suncor (TSX:SU) and Teck (TSX:TECK.B) have also funded an increased share of the project, roughly $300 million and $120 million respectively.

- Advertisement -

Total’s stake has decreased to 26.05 per cent from 29.2 per cent.

The French company has been reducing oilsands commitments for years and sold a 10 per cent stake in Fort Hills to Suncor in 2015.

Fort Hills expects to reach 90 per cent capacity by the end of this year.

 

 

The Canadian Press

get the latest news in your inbox

Author

Advertisement
Advertisement
Advertisement
Advertisement

Local Events

Advertisement
Advertisement
Advertisement

Must Read

Beaverlodge RCMP arrest three in stolen property investigation

BEAVERLODGE, A.B. - On January 8th, 2019 Beaverlodge RCMP received a call of three individuals in a stolen vehicle in the area of Demmitt. RCMP...

Fort St John RCMP recover fender flares