January 29, 2008 / 10:29 PM / 10 years ago

Alberta, Suncor reach agreement on higher royalties

CALGARY, Alberta, Jan 29 (Reuters) - The Alberta government said on Tuesday it has reached a deal with Suncor Energy Inc SU.TO that will see the oil sands producer pay 20 percent more in royalties.

The government has been negotiating the increase since it unveiled royalty hikes for the province’s oil and gas producers last year

Suncor, the No. 2 oil sands firm and Syncrude Canada Ltd, the biggest, both paid royalties set by contracts that had to be renegotiated. Suncor’s new rate starts on its mining operations in January 2010.

Talks with Syncrude are still ongoing. (Reporting Jeffrey Jones, writing by Scott Haggett; Editing by Peter Galloway)

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