Suncor Energy Withdrawing From Syria
Suncor Energy (SU.TO) reported today that it has declared force majeure under its contractual obligations and is suspending its operations with the General Petroleum Corporation in Syria. These actions are taken as a result of sanctions on Syria announced by the European Union on Dec. 2, 2011.
The company said it is working through a plan to safely withdraw its expatriates while retaining its Syrian employees and determining how we can best support Syrian employees during this extremely difficult time for their country.
Management is not changing total production guidance (2011 or 2012) because Libyan production is ramping up and was not included in the existing guidance
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