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Rick George, former CEO of Suncor.
Rick George, former CEO of Suncor.
(TODD KOROL/REUTERS)

Osum Oil Sands buys project from Shell in Cold Lake region

Osum Oil Sands Corp., a private-equity-backed company chaired by former Suncor Energy Inc. chief executive officer Rick George, is buying a steam-driven oil sands project from Royal Dutch Shell PLC for $325-million, a development it could eventually link to its own nearby facility.

For Shell, the sale of the Orion project in the Cold Lake region of Alberta comes about two years after it first put it on the market.