Suncor axes Voyageur upgrader plans

摘要

Suncor and partner Total have axed their plans for the Voyageur oil sands upgrader project in Alberta, citing challenging economics. The decision will cost Suncor a C$140mn ($137.7mn) first-quarter income charge and C$180mn in cash flow from operations. Suncor also acquired Total’s interest in the Voyageur partnership for C$515mn to gain full control over the joint venture’s assets.