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On March 23, 2009, Suncor announced its intent to acquire Petro-Canada. [11] [12] This merger created a company with a combined market capitalization of C$43.3 billion. On June 4, 2009, a 98% approval rate was reached by Suncor's shareholders for the acquisition of Petro-Canada and the Competition Bureau approved the merger on June 21, 2009.
Petro-Canada (colloquially known as Petro-Can) is a retail and wholesale marketing brand subsidiary of Suncor Energy. Until 1991, it was a federal Crown corporation (a state-owned enterprise ). In August 2009, Petro-Canada merged with Suncor Energy, with Suncor shareholders receiving approximately 60 percent ownership of the combined company ...
The Suncor Sarnia Refinery is an 85,000 bpd cracking plant located in the "Chemical Valley" section of Sarnia, Ontario, Canada alongside the St. Clair River.The refinery has been in continuous operation since 1952 [1] and supplies petroleum products to the southern Ontario region including Toronto and its suburbs via the Sun-Canadian Pipeline. [2]
A Bay Street money manager says Suncor Energy will have no problem finding partners to enhance Petro-Canada gas stations with more food, shopping, and green travel options.
(Reuters) -Canada's Suncor Energy on Tuesday said it will retain its Petro-Canada gas station retail business following a review the company initiated earlier this year under pressure from ...
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The last major expansion of the refinery occurred in 2005 when Petro-Canada made the decision to close a smaller refinery operating in Oakville, Ontario and consolidate the Eastern Canada operations in Montreal. A very substantial investment in the Montreal refinery was made to expand the capacity of that facility to approximately 130,000 bpd.
Suncor Energy completed merger with Canada's 11th largest company Petro Canada on August 1, 2009 in a 21 billion dollar deal to form the largest oil and second largest company overall in Canada. [66] [67] At the time of the merger it had a market capitalization of $43 billion and held the biggest position in Alberta's oil sands. [68]