Energy Industry
Industry: Email Alert RSS FeedSUNCOR ENERGY BOARD APPROVES FUNDING FOR OIL SANDS GROWTH.
Worldwide Energy, January, 2005
Suncor Energy Inc., Calgary, has announced that its board of directors has approved funding for the next phase in the company's oil sands growth strategy and its 2005 capital spending plan.
Suncor's board gave final approval to the expenditures required to construct a $2.1 billion upgrader expansion, which includes the addition of new coking facilities. To feed the expanded upgrader, Suncor also plans to spend an estimated $1.5 billion to boost bitumen production at the company's in-situ and mining and extraction facilities. Bitumen from third parties is also expected to supply the expanded upgrader. Final Board approval for some components of the bitumen production plan are still pending. Regulatory approval for the expansion was granted earlier in 2004....
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