Credits: (Jonathan Ernst, Reuters)
For the Calgary-based megacorp, it means turning its back on an annual cash flow of approximately $250 million in natural gas production, a fair whack of money until we're told it represents less than 3% of its cash flow.
But hats off, nonetheless.
While Suncor's initial argument for hanging tough was the natural gas produced was solely for domestic use in Syria, its buy-in was needed for true sanction pain to be felt.
And now it has, all which puts Suncor on the right side of the equation when it comes to the greater good.
The Canadian firm's experience underlines the difficulty in dealing with that troubled region, which is always a mug's game for the West.
Putting distance between them and us is rarely wrong.
Over the weekend, as well, U.S. Republican House Leader John Boehner gave Canada's energy sector a boost when he pushed the need for the Obama administration to buy into the Keystone XL pipeline which will bring "ethical oil" from Canada's oilsands -- as opposed to the "conflict oil" of the Saudi Arabias of the world -- for refining in Texas.
In his weekly television address, Boehner refuted the president's views, criticizing Obama for delaying approval of Keystone until after the 2012 election when it would not only create thousands of jobs, but also reduce American dependency on foreign oil.
To push that message, House Republicans introduced a new bill that would extend the payroll tax cuts Obama is seeking, but only if it included approval of the Keystone project.
With unemployment in the U.S. at 8.6%, job creation could very well decide victory in the presidential election, and the Republicans are clearly bent on making Keystone an election issue.
As Boehner put it, "You've heard President Obama say that the American people can't wait to take action on jobs. Well, Keystone energy project is the very definition of that idea."
This is good news for the Canadian energy sector.
It not only pushes the envelope, it pushes our message.