Feds try to reclaim $347 million insurance payout to Suncor linked to Libya unrest
BNN Bloomberg
The federal government is trying to reclaim $347 million in insurance paid to Suncor Energy Inc. in the wake of political unrest in Libya.
In a ruling this week, a Federal Court judge says 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.
But Export Development Canada, which insures against losses caused by political violence, says Suncor's oil production facilities continue to boast significant value and generate revenue for the Calgary-based company.
The Federal Court ruling says Canada's export credit agency wants to recover all $347 million, which includes interest, paid out in connection with the assets.
