New deal on Sturgeon Refinery gives Albertans 50 per cent stake
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.
“We are taking action to get a better deal for taxpayers and reducing long-term costs,” Sonya Savage, the minister of energy, said.
“This agreement provides more economic certainty.”
Kathleen Ganley, the NDP's energy critic, said, “Albertans should be deeply concerned.”
The project has suffered heavy losses over the years and back in November was cited by the auditor general, who found significant fiscal errors involving Sturgeon Refinery expenses and on a number of projects including the Keystone XL agreement.
“Albertans have a right to see the complete agreement and understand all the details of the potential new risks and liabilities,” Ganley added.
In a news announcement, the government notes there will be a 10-year extension of the processing agreement to 2058.
The new change will give the government an equal vote in the control of the refinery, to which it is a majority toll payer.
CTVNews.ca Top Stories
Doctors say capital gains tax changes will jeopardize their retirement. Is that true?
The Canadian Medical Association asserts the Liberals' proposed changes to capital gains taxation will put doctors' retirement savings in jeopardy, but some financial experts insist incorporated professionals are not as doomed as they say they are.
Something in the water? Canadian family latest to spot elusive 'Loch Ness Monster'
For centuries, people have wondered what, if anything, might be lurking beneath the surface of Loch Ness in Scotland. When Canadian couple Parry Malm and Shannon Wiseman visited the Scottish highlands earlier this month with their two children, they didn’t expect to become part of the mystery.
What do weight loss drugs mean for a diet industry built on eating less and exercising more?
Recent injected drugs like Wegovy and its predecessor, the diabetes medication Ozempic, are reshaping the health and fitness industries.
2 military horses that broke free and ran loose across London are in serious condition
Two military horses that bolted and ran miles through the streets of London after being spooked by construction noise and tossing their riders were in a serious condition and required operations, a British government official said Thursday.
'It was instant karma': Viral video captures failed theft attempt in Nanaimo, B.C.
Mounties in Nanaimo, B.C., say two late-night revellers are lucky their allegedly drunken antics weren't reported to police after security cameras captured the men trying to steal a heavy sign from a downtown business.
Fair in Ontario, flurries in Labrador: Weather systems make for an erratic spring
It's no secret that spring can be a tumultuous time for Canadian weather, and as an unseasonably mild El Nino winter gives way to summer, there's bound to be a few swings in temperature that seem out of the ordinary. From Ontario to the Atlantic, though, this week is about to feel a little erratic.
He replaced Mickey Mantle. Now baseball's oldest living major leaguer is turning 100
The oldest living former major leaguer, Art Schallock turns 100 on Thursday and is being celebrated in the Bay Area and beyond as the milestone approaches.
What a urologist wants you to know about male infertility
When opposite sex couples are trying and failing to get pregnant, the attention often focuses on the woman. That’s not always the case.
Made-in-Newfoundland vodka claims top prize at worldwide competition
A Newfoundland-made vodka has been named one of the world’s best by judges at this year’s World Vodka Awards.