Silicon Investor (SI) -- The First Internet Community

STOCKTALK

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor. We ask that you disable ad blocking while on Silicon Investor in the best interests of our community. If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.

Gold/Mining/Energy : KERM'S KORNER -- Ignore unavailable to you. Want to Upgrade?

To: Kerm Yerman who wrote (14787)	1/13/1999 6:30:00 AM
From: Kerm Yerman	Read Replies (2) \| Respond to of 15196

IN THE NEWS / Suncor Oil Sands Plan Faces New Hurdle The Canadian government on Tuesday put a new hurdle before Suncor Energy Inc. and its plans for a major oil sands expansion by requiring an environmental review process for the whole northern Alberta oil sands region be in place before it gets a green light. Suncor, whose regulatory hearing for its C$2.2-billion Project Millennium expansion began on Tuesday before the Alberta Energy and Utilities Board, said it was optimistic the new requirement could be satisfied in time to allow final approval of the project by April 1. "We take the federal government's concerns seriously, but we don't think that it's any kind of a show-stopper by any means," said Ron Shewchuk, spokesman for Calgary-based Suncor. But he acknowledged a delay in the approval past April would push the development's schedule back and add costs. Suncor runs the second-biggest oil sands mining and synthetic crude processing operation in Alberta's Fort McMurray region. It plans to double its current output to 210,000 barrels a day by 2002. The project, first announced in 1997, is one of several expansions and new developments planned for the region over the next decade. Syncrude Canada Ltd., the biggest oil sands operator, has set plans for a C$6-billion expansion and such companies as Shell Canada Ltd. and Mobil Corp. are in the early stages of new multibillion-dollar projects. So much activity is planned that area that operators, residents, native groups, environmentalists and various levels of government are developing a process for determining the impact and ensuring the resources are developed with as little damage to the environment as possible. Canada's Environmental Assessment Agency said it wanted the process to be finalized before the Alberta regulator approved Suncor's expansion. At the hearing in Fort McMurray, the AEUB said it would continue with the proceedings while the regional assessment process is finalized. Shewchuk said it was possible that the terms of the regional assessment could be hammered down before the end of January. "It's true that if there were a delay it would have the potential to have some impact on the project. But we feel that there is time and certainly the spirit to resolve these issues," he said.