Breaking News from The Globe and Mail
Suncor reaches new royalty deal
DAVID EBNER
Tuesday, January 29, 2008
CALGARY — Suncor Energy Inc. has reached a new deal with Alberta on royalties, replacing its old agreement with the province.
Suncor, the first oil sands miner, will pay more royalties on its mining operations starting in 2010 under the province's new royalty framework, according to the Alberta government.
The province is still working on measures to address what it called “unintended consequences” related to conventional oil and natural gas related to lost capital spending of more than $1-billion.
A new deal with Syncrude Canada Ltd., the other old oil sands miner with its own deal with the province, is still in the works, the province said.
More to come
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