Suncor says decision coming this year on Fort Hills

suncor-total-fort-hills

Jun 13, 2013 at 1:05 pm in Business, News by Ferne Wynnyk

Suncor says the Fort Hills oil sands mine has to be found economical before it will sign off on a final investment decision on the joint venture with French oil giant Total.

That company’s CEO said on Monday that he wants Suncor to stop delaying and make a decision soon.

Suncor says it’s still scheduled to make a decision before the end of the year.

The company’s Chief Financial Officer Bart Demosky says the price differential between bitumen and West Texas crude is a hurdle.

He says it will continue to be until it becomes easier to move the product.

The project would be about 90 kilometres north of Fort McMurray, and already has approval for a 160 thousand barrel per day first phase.

Total owns just over 39% of the project while Suncor owns just under 41% – Teck Resources owns the rest.

In March, Suncor and Total decided to abandon their partnership to construct the Voyageur upgrader.

June 13th, 2013