The company says market conditions have changed significantly, challenging the economics of the project.
The Voyageur upgrader was part of a joint venture Suncor inked with the Canadian arm of France’s Total just over two years ago.
Suncor says it has acquired Total E&P Canada Ltd.’s interest in the upgrader for $515 million to gain full control over the partnerships assets.
Suncor took a $1.49-billion writedown on Voyageur in the fourth quarter of 2012.
The company says it will take a charge to its first quarter net income and cash flow from operations of approximately $140 million and $180 million respectively as a result of the decision.
Original Article
Source: thestar.com
Author: CP
The Voyageur upgrader was part of a joint venture Suncor inked with the Canadian arm of France’s Total just over two years ago.
Suncor says it has acquired Total E&P Canada Ltd.’s interest in the upgrader for $515 million to gain full control over the partnerships assets.
Suncor took a $1.49-billion writedown on Voyageur in the fourth quarter of 2012.
The company says it will take a charge to its first quarter net income and cash flow from operations of approximately $140 million and $180 million respectively as a result of the decision.
Source: thestar.com
Author: CP
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