TotalEnergies sells Canadian operations to Suncor in deal worth up to $6.1B
BNN Bloomberg
French company TotalEnergies says it has signed a deal to sell its Canadian operations to Suncor Energy Inc. in an agreement worth up to $6.1 billion.
Under the deal, Suncor will pay $5.5 billion in cash, plus up to an additional $600 million that is conditional on Western Canadian Select benchmark oil pricing and certain production targets.
“This transaction represents a major step in securing long-term bitumen supply to our base plant upgraders at a competitive supply cost,” Suncor chief executive Rich Kruger said in statement.
“These are valuable oilsands assets that are a strategic fit for us and add long-term shareholder value."
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