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Suncor to lay off another 1,000 workers
- v% ]6 i$ \8 e/ W* J- t6 MLast Updated: Tuesday, January 12, 2010 | 06:03 PM EST( O' x% w: i8 l/ a
Canwest news service
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' Q! C) ]( n: @CALGARY -- Calgary-based Suncor Energy plans to lay off another 1,000 workers this year as it continues to digest the assets of Petro-Canada picked up in a merger last fall.: P1 h3 B# L) h( ], d, |8 ?5 g9 K* W$ D
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The action, announced at an investor's conference in New York this afternoon, will double the staff reductions to 2,000.
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"Where most of the synergies are coming from are reduction and workforce," said John Rogers, vice-president of investor relations, during a presentation to the BMO Capital Markets Unconventional Resource Conference.! ^! [1 I0 `: W! | R! a9 s
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"To date, we've laid off about 1,000 people. By the end of this year, 2010, we would expect we'd lay off an additional 1,000, which will bring us to a total of about 2,000 people laid off through the merger."
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* _! J3 U$ X5 d/ Y% y6 NMr. Rogers also said the company is doing a "total relook" at the Fort Hills oil sands project, a Petro-Canada project which at one time was estimated to cost more than $25-million.& S3 Q) N9 l, b# K2 r
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Suncor recently announced the sale of a half-billion dollars worth of U.S. gas assets and expects this year to sell $2-billion to $3-billion worth of Canadian assets producing 360 million cubic feet per day of natural gas. |
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