21 C
Fort St. John
Wednesday, August 15, 2018
Tel: 250-787-7100
Email: contact@energeticcity.ca
9924 101 ave Fort St. John, B.C.
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Royal Dutch Shell to sell stake in Canadian Natural Resources Ltd.

TORONTO, O.N. — Royal Dutch Shell is selling its stake in Canadian Natural Resources Ltd. for about $4.3 billion.

The sale of more than 97 million shares represents Shell’s entire interest in Canadian Natural, a roughly eight percent stake in the company.

Shell said in a statement Monday night that proceeds from the sale will contribute to reducing net debt.

The sale is expected to be complete on Wednesday.

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Shell shares closed at $45.30 on the Toronto Stock Exchange on Monday.

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The company acquired the shares last year when it sold its Alberta oilsands assets to Canadian Natural for $11.1 billion in cash and stock.

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Other foreign companies that have reduced exposure to the oilsands include Norway’s Statoil, Arkansas-based Murphy Oil and France-based Total SA.

Cenovus Energy bought most of the Canadian assets of Houston-based ConocoPhillips last year.

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