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    Norway’s Statoil Giant Reportedly Leaving Canadian Oil Sands

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    The Norwegian Statoil oil giant is leaving the Canadian oil sands with ensuing losses of at least $500 million, US media report.

    MEXICO CITY (Sputnik) – Statoil is selling its assets to the Athabasca Oil Corporation and will get a nearly 20 percent stake in the Canadian energy company, The Wall Street Journal said on Wednesday.

    "This transaction corresponds with Statoil’s strategy of portfolio optimization to enhance financial flexibility and focus capital on core activities globally," Lars Christian Bacher, Statoil’s executive vice president for international development and production said as quoted by the newspaper.

    Statoil entered the Canadian oil sands in 2007. According to the company, the sale of its oil sands assets will not have an effect on the oil giant’s offshore activities in Canada.

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    Oil, Statoil, Canada, Norway
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