Brazil’s Gerdau buys out Sumitomo Corp and JSW in Gerdau Summit
The transaction is expected to close in early 2025.
One of Canada’s oldest oilsands projects, which was shut down during the wildfires in Fort McMurray, Alta., will remain closed until benchmark oil prices rise above US$50 per barrel, Japan Canada Oil Sands Ltd. said Monday.
The Hangingstone thermal oilsands project, operated by Japan Canada Oil Sands Ltd. since 1999, was shuttered in May as a precaution when staff were evacuated due to the wildfires.
Satoshi Abe, the company’s executive vice-president, said the facility won’t be restarted for economic reasons.
