It’s a seemingly small thing, the matter of a dozen or so degrees difference in the water temperature during one part of the lengthy and complex process of squeezing oil from Alberta bitumen.
The move may be the first of many more competitive deals by producers in the potash market, which has historically operated with large joint ventures controlling prices.
In the farthest reaches of northwestern Canada, there are few people and fewer roads. When winter comes, fuel, explosives, and heavy equipment move north in an unusual way: via trucks driving on frozen lakes.
The collapse in the market for Canada’s heavy crude below $30 a barrel last week is hammering home a harsh reality for the nation’s oil-sands producers: There’s no one to save them this time.
The U.S. miner said the sale is part of a strategy to divest non-core assets and focus on supplying iron ore pellets to the North American steel industry.