Statoil is delaying investment in the company’s Oil Sands project due to uncertainty over Canda’s climate change policies. The company has put off upgradation of a portion of the integrated oil sands project by two years later than originally planned.

Helge Lund, CEO of Statoil was quoted as saying:

Making an upgrader investment decision is a huge undertaking and the fact that there is uncertainty related to the future regulatory regime, including the cost of CO2, we need more clarity on that before we can make a final decision.

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