Fort Hills ore preparation plant. (Image courtesy of Suncor) The other owner of the Fort Hills project is TotalEnergies (NYSE:TTE), 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 transaction is, although it could have something to do with the fact Total also recently announced plans to exit Alberta’s oil sands by spinning out its share of Fort Hills and another oil sands project it co-owns into a new publicly listed company. Just one month before Teck announced its planned exit from the Fort Hills project, TotalEnergies likewise announced it too wanted to quit Alberta’s oil sands. In September, Upstream reported that Total wanted to […]
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