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New deal on Sturgeon Refinery gives Albertans 50 per cent stake

  EDMONTON The Alberta government announced on Monday taxpayers will get a 50 per cent stake in the Sturgeon Refinery. According to the province, the new deal with Canadian Natural Resources Limited (CNRL) will help reduce risk and save about $2 billion. CNRL will continue to hold 50 per cent equity and is supposed to help maximize the efficiency and production capacity at the refinery. This means it will look at ways to improve uptime and enhance reduce costs. The restructured deal will ensure Albertans are not on the hook for $1 billion down the road, the government said in an announcement. Instead, the new partnership will payout $825 million, with half of that sum going to the previous owner, North West Refining.

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