total Dumps Canadian Oil Sands Project for $1.65bn Loss
France’s
Total SA (NYSE: TOT) will sell its 49% stake in its Canadian oil sands
project to Suncor Energy Inc. for $500 million, netting the French oil
giant a $1.65 billion loss on the beleaguered project. Total would have
had to spend another $5 billion (at least) on the Alberta oil sands
Voyageur Upgrader project over the next five years—an investment that
cannot be justified according to its executives. The project is
beleaguered by increasing labor costs, a shortage of labor and the
falling prices of Canadian heavy crude against…Read more...http://oilprice.com/Energy/Energy-General/Total-Dumps-Canadian-Oil-Sands-Project-for-1.65bn-Loss.html?utm_source=feedburner&utm_medium=feed&utm_campaign=Feed%3A+oilpricecom+%28Oil+Price.com+Daily+News+Update%29&utm_content=Google+Reader
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