Oil producer Strathcona partners with Canada Growth Fund for carbon capture
Written by Emily J. Thompson, Senior Investment Analyst
Updated: Jul 10 2024
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Source: reuters
- Partnership for CCS Infrastructure: Strathcona Resources partners with Canada Growth Fund to build carbon capture and sequestration infrastructure in Saskatchewan and Alberta provinces.
- Investment Commitment: Both companies will invest up to C$1 billion each to fund the project aiming to store up to 2 million tonnes of carbon dioxide annually.
- Funding Details: Canada Growth Fund initially commits C$500 million with an option to increase it to C$1 billion for the project.
- Capital Costs Sharing: The partners will equally fund 50% of the capital costs to construct CCS infrastructure on Strathcona's oil sands facilities.
- Decarbonization Efforts: Canada views carbon capture as crucial for decarbonizing its oil sands, with the aim of becoming a leading global supplier of green technology.
About the author
Emily J. Thompson
Emily J. Thompson, a Chartered Financial Analyst (CFA) with 12 years in investment research, graduated with honors from the Wharton School. Specializing in industrial and technology stocks, she provides in-depth analysis for Intellectia’s earnings and market brief reports.
