The federal and Alberta governments have given nearly CAD $90 million to fund clean technology developments at major oilsands producer Canadian Natural Resources Ltd. The funding brings total investment to CAD $415 million for three projects.
CAD $45 million from the federal portion is directed 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. The producer was also given CAD $22.3 million for a lower-emission steam turbine generator at the Athabasca Oil Sands Project mining operation it owns with partners Chevron Canada and Shell Canada.
CAD $10 million comes from Emissions Reduction Alberta, the provincial body in charge of reinvesting carbon tax proceeds.
Canadian Natural will also receive CAD $5 million in federal funds and CAD $5.6 million from the Alberta government 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.