Suncor says decision coming this year on 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