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Monday, 06 October, 2008, 13:10 GMT | more prices >>

Teck enlists at Fort Hills



By Upstream staff 

Teck Cominco has agreed a deal with UTS Energy and Petro-Canada to acquire a 15% stake in the Fort Hills Energy oil sands partnership in Alberta, Canada.

Teck, a diversified mining company, said the aggregate subscription price is C$475 million ($399 million).

It will earn a 10% interest in the partnership by funding C$250 million of Petro-Canada and UTS Energy expenditures.

In a separate transaction, Teck will earn a further 5% interest from UTS by funding an additional C$225 million of UTS expenditures.

After the transactions are closed, expected in October, Petro-Canada will remain project operator with a 55% interest in Fort Hills, UTS will hold 30% and Teck Cominco will own 15%.


Tuesday, 06 September, 2005, 14:53 GMT  | last updated: Tuesday, 06 September, 2005, 14:53 GMT

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