BOOM TOWM on the CSW:
Shell Canada Ltd -
NP says Suncor, others are creating wealth in Fort McMurray
Shell Canada Ltd SHC
Shares issued 289,178,840 1999-08-06 close $31.25
Monday Aug 9 1999
See Suncor Energy Inc (SU) In the News
The National Post reports in its Saturday edition that the provincial treasurer of Alberta recently revealed that the province expects to get $1.5-billion more that it predicted from oil and gas royalties in 1999. A coalition of elected and company officials is lobbying the province to serve up $154-million to ease road, water and bridge bottlenecks, starting with the delayed twinning of Highway 63, which heads northbound to the province's oil sands capital, Fort McMurray. What drives all this frenzy is the combination of expansion plans and proposals, totalling as much as $30-billion in the next decade, to mine or drill viscous oil embedded in sand. Syncrude Canada and Suncor Energy Inc. are the pioneers in pit mining, with Mobil Oil, Shell Canada and Koch Canada/UTS in the wings. Gulf Canada Resources Ltd., Petro Canada and Japan Canada Oil Sands head the list of firms steaming and drawing bitumen from deeper pools. Such projects create wealth. Thousands of wage earners are pulling in enormous paycheques. But the manna is not reaching everyone. In one of Fort McMurray's nondescript industrial buildings, the community's food bank gives out about 500 emergency hampers a month.
(c) Copyright 1999 Canjex Publishing Ltd. canada-stockwatch.com
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