The Suncor Energy Centre picture in downtown Calgary, Alta., Friday, Sept. 16, 2022. The new top boss at Suncor Energy Inc. says he has a sharp focus on cost-cutting as he embarks on the task of improving performance at the oilsands giant. THE CANADIAN PRESS/Jeff McIntosh
VANCOUVER — The federal government is trying to reclaim $347 million in insurance paid to Suncor Energy Inc. in the wake of political unrest in Libya.
In a ruling this week, a Federal Court judge says the oil giant claimed $300 million in risk mitigation payments for losses linked to Libyan energy assets after fighting between rival political factions spread to the country’s oil crescent region in 2015.
But Export Development Canada, which insures against losses caused by political violence, says Suncor’s oil production facilities continue to boast significant value and generate revenue for the Calgary-based company.
The Federal Court ruling says Canada’s export credit agency wants to recover all $347 million, which includes interest, paid out in connection with the assets.
Suncor, which did not immediately respond to a request for comment, says on its website that operations there continue to be impacted by political unrest.
The decision from Monday also appoints an arbitrator to handle the case and denies a request from Suncor subsidiaries to be removed from it.
This report by The Canadian Press was first published Aug. 2, 2023.
Companies in this story: (TSX:SU)
The Canadian Press
- 0079 Ministry of Energy Business_incentive PO0079 Ministry of Energy Business_incentive PO
- 0078 LHOS 20240078 LHOS 2024
- 0077 Caprice Resources Stand Up For Free Speech0077 Caprice Resources Stand Up For Free Speech
- 0053 Kingston Midstream Westspur Alameda0053 Kingston Midstream Westspur Alameda
- 0076 Latus only0076 Latus only
- 0073 SaskWorks-Pipeline Online0073 SaskWorks-Pipeline Online
- 0063 Turnbull Excavating hiring crusher0063 Turnbull Excavating hiring crusher
- 0061 SIMSA 2024 For Sask Buy Sask0061 SIMSA 2024 For Sask Buy Sask
- 0058 Royal Helium Steveville opens anonymous rocket0058 Royal Helium Steveville opens anonymous rocket
- 0055 Smart Power Be Smart with your Power office0055 Smart Power Be Smart with your Power office
- 0051 JML Hiring Pumpjack assembly0051 JML Hiring Pumpjack assembly
- 0049 Scotsburn Dental soft guitar0049 Scotsburn Dental soft guitar
- 0046 City of Estevan This is Estevan0046 City of Estevan This is Estevan
- 0041 DEEP Since 2018 now we are going to build0041 DEEP Since 2018 now we are going to build
- 0032 IWS Summer hiring rock trailer music
- 0022 Grimes winter hiring
- 0021 OSY Rentals S8 Promo
- 0018 IWS Hiring Royal Summer
- 0013 Panther Drilling PO ad 03 top drive rigs
- 0011
- 0006 JK Junior
- 0002 gilliss casing services0002 gilliss casing services
- 9002 Pipeline Online 30 sec EBEX9002 Pipeline Online 30 sec EBEX
- 9001