All financial figures in Canadian dollars
SARNIA, ON, Nov. 26 /CNW/ - Suncor Energy Inc. announced today that the
final phase of a three year project that resulted in nearly $1 billion being
invested in its Sarnia refinery is nearing completion.
A shutdown of some units during the past three months to tie-in the new
facilities is now complete and the refinery is ramping up to full production.
During start-up, community members may observe increased flaring and noise;
precautions have been taken to minimize potential disruptions.
The shutdown to complete the tie-ins is the last step in a multi-phased
project that began in 2004 and is estimated to cost about $960 million. Suncor
made the investments to increase the amount of oil sands crude oil the
refinery can upgrade, improve the facility's environmental performance, and
enable the production of ultra low sulphur diesel fuel. The upgrades to enable
the production of ultra low sulphur diesel fuel were completed in 2006.
"Suncor made a substantial investment to strengthen the integration
between our oil sands operation in Northern Alberta and our Ontario-based
businesses," said Tom Ryley, Suncor's executive vice president. "In this era
of tight supply and high costs we now have a stronger, more direct connection
to the growing supply generated through oil sands development and more options
for producing the quality energy products Ontario consumers demand."
The investment also generated additional benefits, said Ryley. "The
project reduced sulphur dioxide emissions, which is good for the environment,
while the economy also benefited from spinoffs created through job creation
and the purchase of goods and services."
At peak construction, the project employed a temporary workforce of
approximately 1,600 people. Suncor employees and contractors demonstrated
excellent safety performance on the project by achieving a significant safety
milestone: 5.8 million hours of work without a lost-time injury.
This news release contains forward-looking statements. The
forward-looking statements may be identified by words like "ramping up,"
"estimated," "is nearing" and similar expressions. These forward-looking
statements are based on current conditions and assumptions and are not a
guarantee of future events. Actual events could differ materially as a result
of changes to Suncor's plans and the impact of certain events, risks and
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.
Suncor's Sarnia refinery is operated by Suncor Energy Products Inc., a
wholly-owned subsidiary of Suncor Energy Inc., an integrated energy company.
In addition to a refinery in Sarnia, Suncor Energy Products has a network of
more than 300 Sunoco-branded retail and Fleet Fuel cardlock sites and has a
50 per cent joint venture interest in more than 200 Pioneer and UPI retail
sites. Suncor Energy Products Inc. manufactures, distributes and markets
transportation fuels, heating oils and petrochemicals primarily in Ontario.
Sunoco in Canada is separate and unrelated to Sunoco in the United States,
which is owned by Sunoco, Inc. of Philadelphia.
For further information:
For further information: Jason Vaillant, media relations, (519)
383-3691; John Rogers, investor relations, (403) 269-8670