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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.

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