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CALGARY — Suncor Energy says it has agreed to buy Teck Resources Ltd.’s 21.3 per cent stake in the Fort Hills oilsands project for approximately $1 billion.

The Calgary-based oil and gas company says upon closing of the deal, Suncor’s overall share in Fort Hills will increase to 75.4 per cent.

Suncor says in a release Wednesday that the deal will be funded by cash from asset sales currently underway.

With the completion of the deal, the other partner in the Fort Hills project will be TotalEnergies EP Canada Ltd., which holds a 24.6 per cent stake.

The transaction is subject to regulatory approval and is expected to close in the first quarter of 2023.

The Fort Hills oilsands project is located in Alberta’s Athabasca region, 90 km north of Fort McMurray.

This report by The Canadian Press was first published Oct. 26, 2022

Companies in this story: (TSX:SU)

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