OTTAWA, Jan. 30 (Xinhua) -- Canada's Suncor Energy Inc., the world's second largest oilsands operator, said Wednesday it is investing 20.6 billion Canadian dollars (20.4 billion U.S. dollars)to expand its oilsands project.
In a statement released Wednesday morning, the company said the project would see crude oil production at its oil sands increase by 200,000 barrels a day.
Suncor said the expansion is in line with a long-term growth plan first announced in 2001 that would see the company's oil output double to 550,000 barrels a day by 2012.
Suncor said the expansion plans, which will be completed in phases, include constructing four additional stages of in-situ bitumen production as well as building a third upgrader to convert that bitumen into higher-value crude oil.
The company said it has already invested 2.5 billion Canadian dollars (2.47 billion U.S. dollars) in engineering and site work for the expansion project.
In a statement released Wednesday morning, the company said the project would see crude oil production at its oil sands increase by 200,000 barrels a day.
Suncor said the expansion is in line with a long-term growth plan first announced in 2001 that would see the company's oil output double to 550,000 barrels a day by 2012.
Suncor said the expansion plans, which will be completed in phases, include constructing four additional stages of in-situ bitumen production as well as building a third upgrader to convert that bitumen into higher-value crude oil.
The company said it has already invested 2.5 billion Canadian dollars (2.47 billion U.S. dollars) in engineering and site work for the expansion project.
