Suncor CEO Steve Williams said “There is clearly a question of confidence in Canada.”
As I’ve said, the damage from Justin Trudeau’s pipeline failures won’t be contained to the Trans Mountain expansion.
Earlier, we learned that Calgary-based Crescent Point Energy is cutting their workforce by 17%.
Now, Suncor Energy has announced that any expansion of crude production has been put on hold.
As reported by the Globe & Mail, Suncor CEO Steve Williams made the announcement at a Barclay’s investor cofnerence.
Williams said the court decison blocking the Trans Mountain expansion was “troubling,” adding, “there is clearly a question of confidence in Canada.”
According to the report, “Suncor is currently ramping up production of its new Fort Hills mine in the Alberta oil sands and is due to decide in late 2019 and early 2020 whether to expand production at existing facilities, Williams said. “You will not see us approve those projects until we have more clarity on pipelines,” he said. “I would want to see actual, physical progress on the ground before I would commit.”’
This is unfortunate, but it’s no surprise.
If businesses can’t count on the federal government to defend the Canadian energy industry, they simply won’t invest.
Suncor isn’t the first, they won’t be the last, and the damage from Trudeau’s failures is going to keep adding up.
Photo – YouTube