Sask. government sells upgrader share to FCL
Last Updated: Wednesday, September 26, 2007 | 7:59 PM ET
CBC News
The Saskatchewan government has a new buyer for its 50 per cent share in the NewGrade Energy heavy oil upgrader in Regina.
The government's business partner in the upgrader — Federated Co-operatives Ltd. — has decided to match an offer that the province received from another business.
Under terms of their partnership, Federated has the right to match any offers for the facility. The name of the other business has never been disclosed.
The purchase price has been pegged at $325 million, plus about $75 million in dividends from the 2006-07 fiscal year.
The upgrader, built in 1988 when Progressive Conservative Grant Devine was premier, turns heavy crude oil into synthetic light crude, which can then be refined into gasoline and other products.
Premier Lorne Calvert announced earlier this month that $320 million from the sale would be placed into a "green future fund" for technologies to reduce greenhouse gas emissions, such as clean coal.
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