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Petro-Canada delays expansion
last modified
2008-12-09 17:11
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November 17, 2008 CALGARY -- Petro-Canada and its partners Teck Cominco Ltd. and UTS Energy Corp. became the latest companies to postpone expansion of an oil sands project by delaying a decision on further investment in a $19.5 billion oil sands project in northern Alberta.
They also shelved plans to building an upgrade refinery.
With almost every oil sands company delaying expansion, oil sand executives hope soaring costs for the industry will be curbed. High labor and construction costs had already begun to cut into profits as companies rushed to get projects online.
© 2008 The Associated Press.