Shell to sell Canada oil-sands in­ter­ests

New Straits Times - - Business -

Royal Dutch Shell Plc will sell all of its in-situ and un­de­vel­oped oil-sands in­ter­ests in Canada and re­duce its share in the Athabasca Oil Sands Project to 10 per cent from 60 per cent, re­sult­ing in a net con­sid­er­a­tion of US$7.25 bil­lion (RM32.34 bil­lion) to the An­glo-Dutch pro­ducer. The firm would sell to a unit of Cana­dian Nat­u­ral Re­sources Ltd its en­tire 60 per cent in­ter­est in the Athabasca project, all of the Peace River Com­plex in-situ as­sets and a num­ber of un­de­vel­oped leases in Al­berta, said Shell. Those dis­pos­als will fetch about US$8.5 bil­lion.

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