CALGARY — Suncor Energy Inc. says it’s looking into how new U.S. sanctions on Syria could affect its natural gas project in the Middle Eastern country. Company spokeswoman Kelli Stevens says Suncor (TSX:SU) will comply with all sanctions, and is taking precautions to ensure its employees remain safe.
U.S. President Barack Obama is calling on Syrian President Bashar Assad to step down, saying he is “imprisoning, torturing and slaughtering” his people and is unfit to lead.
The sweeping new sanctions ban any Syrian petroleum from being imported into the United States, and freezes all Syrian government assets that are subject to U.S. jurisdiction. Suncor inherited the Ebla natural gas development in Syria through its merger with Petro-Canada more than two years ago, as well as oil properties in war-torn Libya. Suncor pulled its employees out of Libya when conflict broke out there in February, and the company took a $514-million writedown on that asset during the second quarter.