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French energy company Total closes $4B deal, fully exiting Canadian oilsands

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The logo of TotalEnergies is seen at the company's headquarters in the La Defense business district near Paris. The French energy giant announced today it has sold its last assets in the Alberta oilsands.

French company TotalEnergies says it has finalized the sale of its 50 per cent stake in the Surmont oilsands project to U.S. oil company ConocoPhillips in a deal worth up to $4.4 billion.

But ConocoPhillips, the operator and 50 per cent owner of the Surmont project near Fort McMurray, Alta., threw a wrench into those plans by exercising its right of first refusal on the remaining stake.

 

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