TotalEnergies is selling its oil sands business in Canada to Suncor By EFE

Paris, April 27 (.). — TotalEnergies announced Thursday that it will transfer all of its business in the Canadian tar sands to Canada’s Suncor, a process that should be completed before the end of the third quarter.

And the French giant oil company specified on Thursday in a statement that the agreement provides for a cash payment of about $4.1 billion, to which a maximum of $450 million is added, under certain conditions.

Suncor is one of the companies that made “spontaneous bids” for TotalEnergies EP Canada and the deal has been finalized in recent months, scrapping initial plans to dispose of it via bid.

With a view to the money that will come from this sale, TotalEnergies’ board of directors has determined that it will allocate to its shareholders “at least 40%” of the cash flow it generates this year. In 2022, he predicted he would distribute 35% to 40% to them.

Shareholders will get this directly either by purchasing their own shares, or by paying an exceptional dividend.

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Aileen Morales

"Beer nerd. Food fanatic. Alcohol scholar. Tv practitioner. Writer. Troublemaker. Falls down a lot."

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