The oil giant claimed $300-million in risk-mitigation payments for losses linked to Libyan energy assets after fighting between rival political factions spread to the country’s oil crescent region in 2015, a Federal Court judge said in a ruling this week. The total – $347-million with interest – was determined by an arbitrator., which insures against losses caused by political violence, argues that Suncor’s oil production facilities still deliver returns for the Calgary-based company.
Suncor, which did not immediately respond to a request for comment, says on its website that operations there continue to be impacted by political upheaval.
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