CALGARY, Oct. 25 /CNW/ - Suncor Energy today responded to the Alberta
government's plans to implement a new royalty regime for the province.
"Suncor recognizes that the oil sands resource we develop is owned by the
people of Alberta, and Albertans have the right to benefit economically
through royalties," said Rick George, president and chief executive officer.
"However, the royalty regime changes proposed by the Alberta government are
substantial and could have a significant impact on industry economics. We will
need time to study the changes and their potential impact on our business."
The government outlined plans to work with Suncor to reach an agreement
on a transition plan to the new royalty framework.
"As an oil sands pioneer and a proud Alberta company, we will work with
the government to find the right solution for Suncor and the people of
Alberta," said George.
Suncor Energy Inc. is an integrated energy company headquartered in
Calgary, Alberta. Suncor's oil sands business, located near Fort McMurray,
Alberta, extracts and upgrades oil sands and markets refinery feedstock and
diesel fuel, while operations throughout western Canada produce natural gas.
Suncor operates a refining and marketing business in Ontario with retail
distribution under the Sunoco brand. U.S.A. downstream assets include pipeline
and refining operations in Colorado and Wyoming and retail sales in the Denver
area under the Phillips 66(R) brand. Suncor's common shares (symbol: SU) are
listed on the Toronto and New York stock exchanges.
For further information:
For further information: Darcie Park, (403) 205-7959