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Rich Kruger, president and CEO of Imperial Oil, addresses the company’s annual meeting in Calgary, Friday, April 29, 2016. The outgoing CEO of Imperial Oil Ltd. says the $2.6-billion Aspen oilsands project in northern Alberta it announced a year ago — only to cancel it a few months later — will remain on the sidelines until the province completely ends its oil curtailment plan. THE CANADIAN PRESS/Jeff McIntosh CALGARY — The outgoing CEO of Imperial Oil Ltd. says the $2.6-billion Aspen oilsands project in northern Alberta it announced a year ago — only to cancel it a few months later — will remain on the sidelines until the province completely ends its oil curtailment program. Rich Kruger, who is retiring at year-end, says the company which is about 70 per cent owned by American giant Exxon Mobil Corp. can’t go forward with a major expansion until the government halts its program to restrict oil production to support local prices. Sanctioning of the Aspen project, which would have used steam and solvents to produce 75,000 barrels of bitumen per day from wells, surprised observers when it was announced at last year’s investor day but there was no such surprise at […]
