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Suncor to lay off another 1,000 workers
3 Z* E+ K" H0 W7 F# bLast Updated: Tuesday, January 12, 2010 | 06:03 PM EST0 H% g) I" z1 {" e
Canwest news service
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; R* g$ G4 i1 o" o" i) A! A; ]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.( S# D C4 Z; Y) y: O
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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.: g- g8 D' r8 L7 E+ N% x
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, t0 H) L4 q: M$ K& ^"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."! g2 M5 _. Z7 q: H0 ^
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- ?6 v) o+ X0 {Mr. 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." Q# a. b/ X( y; ?
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. u {& Y1 f7 i# L! ySuncor 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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