Shell exits oilsands, boosts stake in Scotford upgrader and Quest carbon facility
Shell is swapping its remaining 10 per cent stake in the Albian mines in northeastern Alberta in exchange for a 10 per cent interest in the Scotford upgrader and Quest CCS facility near Fort Saskatchewan.
The deal will boost Shell's interest in the upgrader and carbon capture facility to 20 per cent.
Shell is the operator of the Scotford upgrader and Quest CCS facility, located next to the Shell-owned Scotford refinery and chemicals plants.
The swap stems from a provision in a 2017 deal involving the Athabasca Oil Sands Project. The transaction is subject to regulatory approvals and is expected to close in the first half of this year.
Shell's Canadian assets include a 40 per cent stake in LNG Canada, upstream operations in northeast B.C. and northwest Alberta as well as 1,400 Shell-branded sites across the country.
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Toronto Sun
2 hours ago
- Toronto Sun
LILLEY: Softwood lumber tariffs soar as Mark Carney's plan fails to deliver
The Prime minister claimed to be the man with the plan, but that plan is clearly not working Get the latest from Brian Lilley straight to your inbox Canadian Prime Minister Mark Carney speaks during a press conference after a Cabinet meeting to discuss both trade negotiations with the US and the situation in the Middle East, at the National Press Theatre in Ottawa, Ontario, Canada on July 30, 2025. Photo by DAVE CHAN / AFP via Getty Images No deal is better than a bad deal – that's the message Prime Minister Mark Carney and his team keep selling to Canadians as their efforts to find a deal with Donald Trump falter. This advertisement has not loaded yet, but your article continues below. THIS CONTENT IS RESERVED FOR SUBSCRIBERS ONLY Subscribe now to read the latest news in your city and across Canada. Unlimited online access to articles from across Canada with one account. Get exclusive access to the Toronto Sun ePaper, an electronic replica of the print edition that you can share, download and comment on. Enjoy insights and behind-the-scenes analysis from our award-winning journalists. Support local journalists and the next generation of journalists. Daily puzzles including the New York Times Crossword. SUBSCRIBE TO UNLOCK MORE ARTICLES Subscribe now to read the latest news in your city and across Canada. Unlimited online access to articles from across Canada with one account. Get exclusive access to the Toronto Sun ePaper, an electronic replica of the print edition that you can share, download and comment on. Enjoy insights and behind-the-scenes analysis from our award-winning journalists. Support local journalists and the next generation of journalists. Daily puzzles including the New York Times Crossword. REGISTER / SIGN IN TO UNLOCK MORE ARTICLES Create an account or sign in to continue with your reading experience. Access articles from across Canada with one account. Share your thoughts and join the conversation in the comments. Enjoy additional articles per month. Get email updates from your favourite authors. THIS ARTICLE IS FREE TO READ REGISTER TO UNLOCK. Create an account or sign in to continue with your reading experience. Access articles from across Canada with one account Share your thoughts and join the conversation in the comments Enjoy additional articles per month Get email updates from your favourite authors Don't have an account? Create Account That message became harder to sell Friday night as duties on softwood lumber skyrocketed to 35%. It's a major blow to Canada's industry, which a year ago saw duties rise from 8.05% to 14.54% under the Biden administration. The Trump administration had recently bumped those tariffs up further to 20.56% and now, as of Friday night, the total cumulative tariff is 35.19%. B.C.'s Forestry Minister Ravi Parmar called the move 'absurd and reckless,' but in the early hours after the change was made public there was no comment from the Carney government. Since Carney won the election, tariffs on steel and aluminum have gone from 25% to 50%, copper has had a 50% tariff added to it, anything related to automotive deemed not compliant with CUSMA has a 50% tariff, general exports not covered by CUSMA have a 35% tariff and now so too does softwood lumber. Your noon-hour look at what's happening in Toronto and beyond. By signing up you consent to receive the above newsletter from Postmedia Network Inc. Please try again This advertisement has not loaded yet, but your article continues below. Read More This wasn't what Mark Carney was promising as he campaigned to lead the country. 'I know the President, I've dealt with the President in the past in my previous roles when he was in his first term, and I know how to negotiate,' Carney said during the Liberal leadership race that led to him becoming PM. We've gone from Carney saying he knows Trump and how to negotiate to saying no deal is better than a bad one while the Americans don't return his calls and tariffs continue to rise. Carney has completely changed his tune on the impact of tariffs and Trump's impact on the Canadian economy. During the election campaign he portrayed Trump's tariffs as a existential threat to Canada, that the U.S. President was trying to break us – now, it's no big deal. 'We're in a situation right now where 85% of our trade with the United States is tariff free,' Carney said Friday when asked about the situation. This advertisement has not loaded yet, but your article continues below. That's true to a degree now, but it was also true when Carney was whipping up fear in the population, talking about elbows up and driving a huge anti-American sentiment for political gain. He's only shifted to this latest message when it became clear Canada wasn't getting a deal by the Aug. 1 deadline set by Trump. As I noted in a recent column, we went from the Trump administration – senior officials like Howard Lutnick and Jamieson Greer – calling Canada a top priority for a trade deal in March to where we are today. The Americans have lost interest in talking to Carney's team, and they have described the tactic as not really negotiating, just making demands. Again, that's not what Carney promised. It takes two to tango in any scenario, but when every other G7 country is now covered by a deal and when Mexico has an extension and exemption from further tariffs, maybe it's time to ask if we are the problem and change tactics. 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Calgary Herald
4 hours ago
- Calgary Herald
Carney, Trump and Rocket Richard: Best defence is a good offence
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Montreal Gazette
5 hours ago
- Montreal Gazette
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