Suncor Energy will buy a smaller\u002Dthan\u002Dexpected share of Teck Resources stake in the Fort Hills oilsands mine. Read more here
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Suncor announced in October an agreement to buy Teck’s 21.3 per cent stake in the bitumen mine, but in December France’s TotalEnergies filed an application in the Alberta Court of King’s Bench challenging the deal.By clicking on the sign up button you consent to receive the above newsletter from Postmedia Network Inc. You may unsubscribe any time by clicking on the unsubscribe link at the bottom of our emails or any newsletter. Postmedia Network Inc.
Suncor told Reuters in an email it would still acquire the rest. The deals mean Suncor would expand its majority interest to just under 69 per cent of Fort Hills, instead of 75.4 per cent as planned. “Fort Hills partners have a Right of First Refusal and Total is exercising their right to acquire a portion on a pro-rata basis,” Suncor spokeswoman Sneh Seetal said. “We will acquire the rest as originally planned.”Article contentFort Hills is a 194,000 barrel per day open-pit truck and shovel mine, where raw oilsands bitumen is extracted and then upgraded. The project has struggled with operational challenges, delaying production and raising costs.
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