The decision to cancel the Voyageur upgrader project will be an expensive one for Total.
The French oil company says it’ll lose about 1.6 billion dollars in the first quarter because of the dropped plans.
The company had its 49 percent share of the project bought out by Suncor yesterday for 500 million dollars.
Suncor cancelled the project because it says profit margins for the refinery were disappearing.
Total says its oil sands mines in Fort Hills and Joslyn will be unaffected.
March 28, 2013
