Total Digs Deeper in Alberta Oil Sands

摘要

French major Total has deepened its in- volvement in the Canadian oil sands, on Friday unveiling a strategic alliance with Suncor under which the two will swap in- terests in three big projects in Alberta, and Total will hand over C$1.75 billion ($1.74 billion) to the Canadian firm. The agreement encompasses the Sun- cor-operated Fort Hills mining project, the Total-operated Joslyn mining develop- ment and the Suncor-operated Voyageur upgrader. Total will buy 19.2% of Sun- cor's Fort Hills holding, while Suncor will acquire 36.75% of Total's interest in Jo- syln. The French oil giant will also buy 49% of Voyageur.