The $17-billion Fort Hills oil sands project in Alberta went into operation in 2018. One of the owners of the Fort Hills oil sands project in Alberta appears to be taking exception to a plan by Teck Resources to exit the oil sands business by selling its stake in the project to Suncor Energy. In October, Teck and Suncor announced a $1-billion buyout plan, in which Suncor, which owns 54.1% of the project, would acquire Teck’s 21.3% share. That would bring Suncor’s ownership stake to 75.4%. The other owner of the Fort Hills project is TotalEnergies, which owns 24.6%. Last week, The French energy company filed an application in Court of Queen’s Bench in Alberta challenging the right of first refusal offer that Teck made to TotalEnergies in relation to the proposed sale of its share of Fort Hills to Suncor. Under the right of first refusal, Total could elect to acquire Teck’s interest in Fort Hills. Total is asking that the 90-day period in which Total could exercise its right of first refusal be suspended until the courts have dealt with Total’s application. It is not clear from public filings and news releases what Total’s issue with the […]
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