Suncor has cancelled the Voyageur upgrader project.
It says the economics of an oil sands upgrader just don’t make sense right now.
The project was a more than 20 billion dollar joint venture with French oil company Total; Suncor is paying more than 500 million to buy that company’s stake in the project.
It would have refined 200 thousand barrels per day of oil sands crude near Fort McMurray.
Suncor expects the decision to cost it 140 million dollars in profit in this year’s first quarter.
March 27, 2013
