Economics
Total to Take $1.65 Billion Loss on Canada Oil-Sands Project
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Total SA, Europe’s third-biggest oil company, will book a $1.65 billion loss in the first quarter on the canceled Voyageur Upgrader project in Canada’s oil sands after selling its stake to Suncor Energy Inc.
More than $5 billion of investment in Voyageur over the next five years is “no longer justified from a strategic and economic point of view,” the Paris-based company said in a statement. The explorer will sell its 49 percent stake in the project to venture partner Suncor for $500 million.