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.