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Shell sells out of the oilsands

SubscriptionsGo to the Subscriptions Centre to manage your:My ProfileRoyal Dutch Shell's deal to sell most of its stake in Alberta's oilsands was in the works for more than a year, says the company's chief executive Ben van Beurden."We said we would high grade the portfolio," he said at the CERAWeek energy conference in Houston."We would get out of positions where we do not have the scale or the capability, or that did not fit us in the longer run strategically. And the oilsands is one of them."Royal Dutch Shell to sell oilsands assets to Canadian Natural ResourcesCanada shouldn't lose resolve for a carbon tax, says Shell execIn the winter of 2016, when the talks started, the price of oil was at or near the low point of the downturn, trading in the high $20s or low $30s US. It was also just after Shell Canada's then president Lorraine Mitchelmore stood on a stage with Alberta Premier Rachel Notley, First Nations leaders and other executives to announce the carbon levy.It seems like a contradiction for Shell to have pushed carbon pricing, as it has around the world, but then pull out of the oilsands once a carbon price has been put into place.Are the oilsands off brand for Shell?After the speech, van Beurden was asked if this sale was linked to the higher greenhouse gas emissions associated with the oilsands."No. We felt that the position we had in oilsands mining was not material and we were not advantaged enough to fit in our long term portfolio design."The CERAWeek conference is put on by the consulting and research firm IHS Markit and has hosted many energy executives, and political leaders from around the world. European companies at the conference have been consistent in their messages about carbon pricing and lowering emissions.Oil keeps sliding, closing below $50 for 1st time in 2017Statoil sells oilsands assets to Athabasca Oil in deal worth up to $832 million"They've said it here [in Houston], the room has been relatively cool in replica bracelet van cleef alhambra receiving it, but yet, they've been standing up on that," said Greg Stringham, an energy replica van cleef rose gold bracelet sector consultant who is in Texas for the conference."And here's Canada, and Alberta in particular, and the oilsands with the cap, have all gone down the path."Van Beurden also emphasized Shell's carbon policies during his speech on Thursday.That morning Shell announced that it's shifting its pay policy to include incentives related to controlling the emissions of its production. So, in a sense, the oilsands could imitation van cleef rose gold bracelet be perceived as off brand.

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