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Ithaca to Buy Suncor N.L. Assets for $1.2B; Critics Cite UN-Listed Delek Link
The $1.2 billion deal could route profits to Delek Group, a company listed by the United Nations over activities tied to settlements.
- This month, Suncor announced a 'definitive agreement' to sell its offshore oil assets in Newfoundland and Labrador to UK-headquartered Ithaca Energy for CAD $1.2 billion, including stakes in Terra Nova, White Rose, and West White Rose projects.
- Ithaca is majority-owned by the Israeli Delek Group, which appears on a United Nations database for 'activities that raised particular human rights concerns' in the occupied Palestinian territories and is accused of providing services supporting illegal settlements.
- Citing Prime Minister Mark Carney's September 8 commitment to ban trade with illegal settlements, NDP Foreign Affairs Critic Heather McPherson argues the government should stop this acquisition, claiming it contradicts that pledge.
- International investors have previously distanced themselves from Delek; Norway's KLP pension fund and sovereign wealth fund divested from the company in recent years, while a similar controversy is unfolding in the United Kingdom regarding Ithaca's stake in the Rosebank oil field.
- Energy Minister Lloyd Parrott did not answer questions regarding the takeover, while Global Affairs Minister Anita Anand did not respond to requests for comment, leaving critics to question whether the trade ban includes services and investments beyond goods.
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N.L.’s offshore oil could help bankroll a company linked to Israel’s illegal occupation of Palestine – The Independent
Ithaca Energy’s impending takeover of Suncor’s stakes in three oil projects comes after PM's promise to ban trade with Israel’s illegal settlements, while Ithaca’s majority owner is named on a UN blacklist for its alleged activities supporting settlements in the occupied Palestinian territories
·St. John's, Canada
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WellandTribune.ca+4 Reposted by 4 other sources
N.L.’s offshore oil could help bankroll a company linked to Israel’s illegal occupation of Palestine
If the sale of Suncor’s stakes in three of Newfoundland and Labrador’s offshore oil projects goes through, this province could end up contributing to Israel’s illegal occupation of the Palestinian
Coverage Details
Total News Sources6
Leaning Left5Leaning Right0Center1Last UpdatedBias Distribution83% Left
Bias Distribution
- 83% of the sources lean Left
83% Left
L 83%
C 17%
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