Ottawa selling last of PetroCan
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Nearly thirty years after it created state-owned Petro-Canada, Ottawa formally announced yesterday it is selling the last of its shares in the oil giant.
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A Canadian steel maker, Ipsco, said it was buying the NS Group, a maker of steel pipes and tubes used in oil fields, for about $1.46 billion. The deal will be used to broaden IpscoÂs sales to the energy industry, the chief executive, David Sutherland, said. ÂThis is a transaction thatÂs all about growth, and if anything, what we will see over the next three years is a growth in the output of all of their facilities, as well as the continuing demand on our own,Â Mr. Sutherland said in a conference call. Ipsco agreed to pay $66 a share for the NS Group, which was a 43 percent premium to its closing price on Friday. After the transaction is complete, the new company is expected to have combined annual revenue of more than $4 billion. Ipsco, which is based in Regina, Saskatchewan, and has executive offices in Leslie, Ill., operates three steel mills and six pipe mills in the United States and Canada. The NS Group is based in Newport, Ky.
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CALGARY. Alberta  - Abu Dhabi National Energy Co  said on Monday it will buy Canada's Primewest Energy Trust  for C$5 billion in cash, as the state-controlled firm makes good on plans to turn its new Canadian unit into a major oil producer.
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Alcan Inc., one of the world&#39;s largest aluminum producers, said Friday it agreed to sell assets of its ores and concentrates trading division to Ocean Partners Holdings Ltd.
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Enbridge Inc. (ENB) will buy Shell&#39;s Gulf of Mexico natural gas pipelines for $613 million in a move that will make it a major transporter in the huge gas-producing area, Canada&#39;s No.
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MOSCOW, December 19 - Russia completed the dismantling of Yukos Oil today, selling off the country&#39;s largest oil subsidiary to a company that was essentially unheard of until three days ago.
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Energy giant BP has announced the sale of its refinery in Coryton, Essex, to Swiss petroleum company Petroplus for 700 million pounds.
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WINNIPEG (CP) - The premiers of Nova Scotia and Newfoundland and Labrador broke off offshore revenue talks with Ottawa Wednesday after failing to reach a longer-term deal to keep more money in provincial coffers.
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The federal government&#39;s sale of its remaining 19% stake in Petro-Canada is imminent, ending Ottawa&#39;s 29-year presence in the oilpatch, say sources in the investment community and the oil producer.
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TransCanada Corp., Canada&#39;s largest pipeline operator, and oil company Petro-Canada plan to jointly develop aC$660 million ($504 million) terminal in Quebec to import liquefied natural gas amid growing demand for the fuel.
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National Grid Transco has sold half of its gas distribution networks for Â£5.8bn ($10.4bn), it was announced today. The move has been welcomed by the gas and electricity regulator Ofgem, which said new competition in the sector could lower prices.
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OPEC, the producer of more than a third of the world&#39;s oil, agreed to cut output by about 4 percent in a bid to prop up prices after the biggest drop in three years.
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The Canadian aluminum company has agreed to be purchased by the Indian company Hindalco Industries.
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Business & money: Â·  Petrol heads to Â£1 a litre for the holiday season Â·  Crude hits near-record level amid hurricane fears
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Energy giant Shell is to sell its stake in the pipeline unit of Dutch gas firm Gasunie to the Dutch government. Both Shell and ExxonMobil are selling their stakes, with the Dutch government paying 2.78bn euros ($3.
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The Canadian government began the sale of its 19 percent stake in Petro-Canada on Thursday in what will most likely be the largest share sale in Canadian history.
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Alcan Inc. AL.TO AL.N, the  Canadian aluminum maker, is considering a sale of its rolled  products business in a transaction that might fetch $4 billion  to $5 billion, after in May announcing a plan to spin the  business off, the New York Post said on Wednesday.