Suncor reviews impact of Australian Government decision on oil shale project.CALGARY, Alberta--(BUSINESS WIRE)--July 24, 1996--Suncor Inc. (Alberta Stock Exchange Alberta Stock Exchange See Canadian Venture Exchange (CDNX). : SU) and its joint venture partners Southern Pacific Petroleum NL and Central Pacific Minerals NL are reviewing the Government of Australia's recent announcement to eliminate tax advantages to syndicates formed to finance research and development projects. The Government's decision may have an impact on how the partners structure and finance the proposed Stuart oil shale project The Stuart Oil Shale Project was an oil shale development project in Australia near Gladstone, Queensland. It was Australia's first major attempt since the 1950s to restart commercial use of oil shale. , which is classified as an R&D project. "We're currently looking into the implications of this decision," said John Larway, Suncor's Stuart Project director, "but we remain encouraged by the government's commitment to R&D." To ensure further research and development, the Australian Government said it will consider a new program of grants/loans, to be announced To be announced (TBA) A contract for the purchase or sale of an MBS to be delivered at an agreed-upon future date but does not include a specified pool number and number of pools or precise amount to be delivered. in its August 20 budget. The Government also said industry will be consulted with regard to any such program. The Stuart oil shale project, currently in the developmental stage, involves testing the commercial viability of producing oil from Australian oil shale oil shale Any fine-grained sedimentary rock that contains solid organic matter (kerogen) and yields significant quantities of oil when heated. This shale oil is a potentially valuable fossil fuel, but the present methods of mining and refining it are expensive, damage the . The partners are currently investing $10 million to conduct preliminary engineering and complete commercial negotiations to build a 4,500 barrel a day shale oil shale oil Synthetic crude oil that is extracted from oil shale by pyrolysis, or destructive distillation. The oil obtained from oil shale cannot be refined by the methods that have been developed for crude oil, however, because shale oil is low in hydrogen and contains large plant in Gladstone, a port city of the east coast of Queensland, Australia. Suncor and its partners remain committed to evaluating the project and the engineering work is proceeding as scheduled. Suncor is a Canadian integrated oil and gas company operating an oil sands plant in Fort McMurray, Alta., a conventional oil and gas business in Western Canada and a refining and marketing operation in Ontario and Quebec. Suncor common shares are listed on the Toronto, Montreal, Alberta, Vancouver and American stock exchanges This is a list of American stock exchanges. Stock exchanges in Latin America (where Spanish and Portuguese prevail) use the term Bolsa de Valores, meaning 'bag' or 'purse' of 'values'. (Stock Symbol SU). CONTACT: Suncor Inc. (Media and investor inquiries) John Rogers, 403/269-8670 |
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