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Suncor Energy Inc., Canada’s largest energy company by market value, will proceed with the $13.5 billion Fort Hills oil sands project as it seeks to increase production.
The venture with Total SA and Teck Resources Ltd. will begin producing crude in 2017, adding 180,000 barrels a day of output in northern Alberta, the company said yesterday in a statement. Calgary-based Suncor’s share of the costs will be $5.5 billion.