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Alberta extends Sturgeon Refinery deal by 10 years, buying 50 per cent stake in bid to save $2 billion

Article content The province announced a new agreement Monday that will restructure the project’s finances to save an estimated $2 billion over the life of the project, extend the government’s obligation to supply bitumen for processing until 2058, and make the Alberta Petroleum Marketing Commission (APMC) a 50 per cent equity partner. We apologize, but this video has failed to load. Try refreshing your browser, or Alberta extends Sturgeon Refinery deal by 10 years, buying 50 per cent stake in bid to save $2 billion Back to video Energy Minister Sonya Savage said in an interview it was the best option to reduce the mounting long-term costs for taxpayers.

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.

Varcoe: Alberta now owns part of an oil refinery

Varcoe: Alberta now owns part of an oil refinery
calgaryherald.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from calgaryherald.com Daily Mail and Mail on Sunday newspapers.

Chris Varcoe: Alberta now owns part of an oil refinery, another stake in a mega-project for the province

Chris Varcoe: Alberta now owns part of an oil refinery, another stake in a mega-project for the province
edmontonjournal.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from edmontonjournal.com Daily Mail and Mail on Sunday newspapers.

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