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Shell divests "dirty oil" worth USD 7.25 billion

Oil behemoth Shell is selling large parts of its investments in Canadian tar sands – while at the same time buying some of it back.

Photo: Greepeance

Shell is selling a large portion of its oil activities in Canada. The oil major is divesting its 60 percent stake in the tar sands area Athabasca, its 100 percent ownership of the Peace River Complex, and several undeveloped tar sands leases in the Canadian state Alberta. The buyer is oil company Canadian Natural and the price is approximately USD 8.5 billion (EUR 8 billion), Shell writes in a press release.

However this does not mean that Shell is completely withdrawing from Canadian tar sands, which are often referred to as the world's 'dirtiest' oil because the extraction causes much more pollution than other types of oil. At the same time, Shell is also buying 10 percent of the same Athabasca area as is being sold. This concerns the 20 percent stake owned by Marathon Oil, which Shell is now taking over along with Canadian Natural for USD 2.5 billion.

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