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Suncor to buy majority stake in Fort Hills oil sands project

Sep. 21, 2015 9:19 AM ETSuncor Energy Inc. (SU) Stock, SU:CA StockBy: Carl Surran, SA News Editor9 Comments
  • Suncor Energy (NYSE:SU) agrees to acquire an additional 10% working interest in the Fort Hills oil sands project in Alberta from Total (TOT) for $310M, increasing its partnership share in the $15B project to 50.8%.
  • As a result of the deal, SU's incremental capital increase to Fort Hills is estimated at just over $1B, of which ~$700M is remaining project spending.
  • SU says project engineering is more than 90% complete and construction more than 40%, placing Fort Hills on track for first oil in Q4 2017.
  • Following the purchase, TOT will own 29.2% of the project and Teck Resources (TCK) will continue to own the remainder.

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