Skip to comments.Norway's Statoil exits oil sands projects in Canada
Posted on 12/15/2016 9:53:31 PM PST by Olog-hai
Norwegian oil giant Statoil said Thursday it was exiting its oil sands projects in Canada, booking a loss, in a move hailed by environmental activists.
The group said it had reached an agreement to sell its 100-percent stake in the Kai Kos Dehseh (KKD) oil sands projects in the province of Alberta, to the Athabasca Oil Corporation of Canada for CAD$832 million (5.4 billion kroner, $626 million, 597 million).
Following the divestment, Statoil will not operate any oil sands projects, a business area the deepwater oil specialist had moved into to great dismay of analysts.
Statoil will take a loss of between $500 and $550 million on the deal.
(Excerpt) Read more at thelocal.no ...
Is Statoil still operating in Iran?
Seems to say they’re sticking to what they know how to do. Of course the crazy ecoloonies will think that they won a major battle.
I suspect someone who does know the oil sands business will swoop in and make a bundle.
Take that eco weenies.
Their loss = some else’s gain.
Really, like Athabasca is gonna pay 832 mil for it and then plant trees all over it...
Thanks to Trudeau globulwarming carbon restriction...
Who needs Chavez in Venezuella or Castro in Cuba to steal their own people when you have friends in Canada like this who outright shut down shop!!!
Exactly my thought.......we agree, as usual. :>) The “climate” will be more favorable than it has been for fossil fuels now that Trump is in charge. I am looking forward to the destruction of the Climate Clowns and the Environmental midgets. Hooray for Trump!
...and our nation.
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