FORT MCMURRAY, Alta. — A major oilsands project in Northern Alberta is going to be postponed, handing a blow to trucking companies serving the oilfields.
TrueNorth Energy is postponing its $3.3-billion Fort Hills project, where construction was supposed to begin this year.
“We’re deferring the project,” TrueNorth president, David Park, tells local media. “Hopefully some of the factors that have worked against us in the last little while will resolve themselves – and we’ll be able to move ahead sooner than later.”
He adds there is currently no set time to restart the project, which would have been Canada’s fourth major oilsands initiative. It was expected that Fort Hills would be producing 95,000 barrels of bitumen per day in 2005 with 190,000 barrels per day being produced by 2008.
While TrueNorth hasn’t announced why the project has been shifted to the back burner, Park has blamed the Kyoto “malaise” for making it hard to attract investors.
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