Bloomberg News

Suncor Says Profit for Processing Oil-Sands Disappearing

December 06, 2012

Suncor Energy Inc. (SU) Chief Executive Officer Steve Williams said the profit margin for processing bitumen from Canada’s oil sands is “disappearing” as the company reviews a joint project with partner Total SA. (FP)

Upgrading, a way to process bitumen into synthetic crude and diesel fuel, isn’t as attractive as it was a few years ago, Williams said at the Toronto Board of Trade today.

Williams said Dec. 3 the company has accelerated its review of the Voyageur project with Total and plans to make a decision by the end of March. Voyageur would be the third upgrader at Suncor’s oil-sands site in Fort McMurray, Alberta, and would be capable of processing 200,000 barrels a day.

To contact the reporter on this story: Jeremy van Loon in Calgary at jvanloon@bloomberg.net; Liezel Hill in Toronto at lhill30@bloomberg.net

To contact the editor responsible for this story: Susan Warren at susanwarren@bloomberg.net; Simon Casey at scasey4@bloomberg.net


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