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This post has not been reviewed by the Toronto Media Co-op editorial committee.
Canadian Companies and Libya Oil
BLOG POST posted on August 31, 2011 by Gwalgen Dent
Blog posts are the work of individual contributors, reflecting their thoughts, opinions and research.
Recently the Toronto Media Co-op took a look at the winners and losers in the stampede for Libya's oil resources.
Today, the Toronto Star outlined the Canadian companies entering the fray:
“As I’m sure you would expect, we’re watching the situation extremely carefully and waiting to see how it all unfolds,” said Kelli Stevens, a spokesperson with Calgary-based Suncor.
“The biggest thing is that if we were to go back we would want to do so safely, responsibly, in compliance with sanctions.”
The energy firm, working in partnership with the state-owned National Oil Corporation, was producing about 50,000 barrels of oil a day before the uprising.
A spokesperson for Montreal’s SNC Lavalin, which was working on an irrigation project and building a prison and airport when the uprising began, said they’re still monitoring the situation in Libya.
“For the moment, our position is unchanged. Our projects are still on hold, and we intend to return to Libya once the situation is resolved and diplomatic relations are re-established,” said Leslie Quinton.
Both Suncor and SNC-Lavalin have been featured in the Media Co-op Investor series.
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