Suncor, SNC Lavalin say no Libya yet

The shift in the Libyan war's balance of power that saw rebels pour into the capital of Tripoli was not enough to convince Canadian oil giant Suncor and construction giant SNC Lavalin to resume their operations there, the Canadian Press and Reuters reported. Suncor had to accept a $514-million writedown on its assets in Libya in the second quarter while SNC Lavalin's major projects of a prison, an airport and a water pipeline had to be put on hold. Libyan crude oil was key to Europe's oil supply.

Published: Wednesday, 08/24/2011 12:00 am EDT

The shift in the Libyan war's balance of power that saw rebels pour into the capital of Tripoli was not enough to convince Canadian oil giant Suncor and construction giant SNC Lavalin to resume their operations there, the Canadian Press and Reuters reported. Suncor had to accept a $514-million writedown on its assets in Libya in the second quarter while SNC Lavalin's major projects of a prison, an airport and a water pipeline had to be put on hold. Libyan crude oil was key to Europe's oil supply.

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