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Suncor Energy sells interest in controversial shale oil plant
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Suncor has sold its holding in the Stuart Oil Shale Project in Australia. The company announced April 10 that Southern Pacific Petroleum and Central Pacific Minerals (SPP/CPM) has purchased a 100 per cent interest in the operation. The Stuart Oil Shale Project, located in Queensland, Australia, is pioneering a new technology that hoped to commercialise Australia’s supply of oil shale. Production difficulties and concerns about greenhouse gas emissions forced Suncor to announce a hold on development of the plant, followed by the April announcement of its sale. Suncor said the sale was prompted by priorities to focus on Canadian operations. But Greenpeace suggested that the decision shows that projects with such high greenhouse gas emissions are not viable. "We already know that fossil fuels are unsustainable for environmental reasons, but finally industry is realizing that environmental costs translate into financial and reputational costs as well, said Greenpeace climate and energy campaigner Steven Guilbeault. "Suncor claims it wants to be a sustainable energy company. Pulling out of the Stuart Project is a good first step down the road of transition to renewable energy. But it's a long walk. The energy industry needs to start running," said Guilbeault. "Renewables are the investment of the future." For Suncor’s Stuart Oil Shale announcement, visit http://www.suncor.com/newsrelease/OilShale/OilShale-Australia/8-357.html For information on Greenpeace’s response, visit Greenpeace and the Stuart Oil Shale project
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