"This decision is a very difficult one for Shell and it is only taken after careful consideration"
Shell Canada has abandoned plans for a multibillion-dollar heavy oil refinery near Sarnia, Ont. that would have processed millions of barrels of crude produced from the company´s oilsands operations in northern Alberta.
The oil giant, wholly owned by Royal Dutch Shell, told its employees Tuesday to stop pre-development and engineering work on the refinery, which had been planned for the industrial corner of the soutwestern Ontario border city, home to several refineries and petrochemical plants.
Shell said its announcement Tuesday came after a comprehensive assessment of all aspects of the proposed project, including the current project environment, market conditions and the current inflationary pressures across the oil and gas industry.
"This decision is a very difficult one for Shell and it is only taken after careful consideration," Amrik Ahluwalia, Shell´s general manager of manufacturing expansion, said in a release on the oil giant´s website.