Fort Hills oilsands partners set to squeeze costs: mine delayed

So far, the partners have spent $1.7 billion on Fort Hills. They previously aimed to make an investment decision by the end of this year, but now expect to do so for the mine in 2009.

Camarta said the reasons for the delay should be obvious.

“The current costs on Fort Hills were pegged this summer. Since then, oil prices have ped. We”re facing a lot of uncertainty in the financial markets,” he said, as crude traded below US$57 per barrel on the New York Mercantile Exchange.

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