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Suncor to lay off another 1,000 workers
+ M3 n- c; Q$ _1 b, L* tLast Updated: Tuesday, January 12, 2010 | 06:03 PM EST8 G1 N% R; l) y9 X+ t
Canwest news service
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n- L2 }" @$ ]+ t/ }. vCALGARY -- 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.
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4 f: q* F2 g2 n/ h; K! XThe action, announced at an investor's conference in New York this afternoon, will double the staff reductions to 2,000.
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) a8 @# ^: e& }$ v# t- j0 J"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.6 e2 u1 ^; K9 f6 W0 _. P7 a: \
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* S) V5 ?' I1 T. W"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.": d, \. _0 y0 f5 ]+ t# D
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$ |( c" E0 E% e, lMr. 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.
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' w/ ~0 q ~! y2 c @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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