oil sands
It is divesting its interest in the Sunrise oil sands project while buying a 35% interest in the Bay du Nord oil project from Cenovus Energy
It will also no longer invest in companies that derive more than 5% of their revenue from such firms
The new policy will apply globally except for three countries where projects may be given exemption “if no reasonable energy alternative can be found”
Shell is to net $7.25 billion (£6bn) in a move towards oil sands divestment. The oil and gas giant also announced it would reduce its share in the Athabasca Oil Sands Project (AOSP) from 60% to 10% as it outlined the next stage of its divestment plan. The company will sell its entire 60% interest in AOSP, its […]