Credit woes and crude prices hit oil sands projects

摘要

Lower oil prices and the financial crisis are impactingninvestment in the Canadian oil sands sector. SuncornEnergy, Canada’s second largest synthetic crudenproducer announced in October that it plans capitalnexpenditure of C$6 billion ($4.8 billion) in 2009, anreduction of about C$3 billion from previousnexpectations. The company will also delay constructionnof its third bitumen upgrader by a year.