CALGARY – The federal and Alberta governments are pledging almost $90 million to fund clean technology developments at major oilsands producer Canadian Natural Resources Ltd.
The commitments are expected to result in a total investment of $415 million in three projects.
More than half of the federal commitment of $72.3 million, about $45 million, will go to Titanium Corp., a company working with Canadian Natural on a technology to recover valuable minerals and residual bitumen while remediating tailings at the Horizon oilsands mine in northern Alberta.
An additional $10 million has been committed by Emissions Reduction Alberta, the provincial body in charge of reinvesting carbon tax proceeds.
Canadian Natural is also to receive $5 million in federal funds and $5.6 million from the province for its in-pit extraction process which aims to separate bitumen from oilsands ore in the mine before transporting it to the processing centre, thus reducing transportation costs and emissions.
The Calgary-based producer has also won $22.3 million from Ottawa for a lower-emission steam turbine generator at the Athabasca Oil Sands Project mining operation it owns with partners Chevron Canada and Shell Canada.
Companies in this article: (TSX:CNQ)