Suncor boosts interest in Syncrude in $920-million deal

‘This transaction reflects our confidence in the long-term future of the oilsands,‘ said Suncor president Steve Williams

The transaction is expected to close in the first quarter of 2018.

“This transaction reflects our confidence in the long-term future of the oilsands and the high quality and value of the Syncrude asset, adding 17,500 barrels per day of high quality light sweet synthetic crude capacity to our portfolio,” said Steve Williams, president and chief executive officer of Suncor.

“We will continue to work closely with our joint venture partners and the operator, Syncrude, to accelerate performance improvements and seek regional synergy opportunities.”

Suncor’s share in the Syncrude joint venture will increase from 53.74 per cent to 58.74 per cent. Subsequent to the successful close of the transaction, the joint venture partners will be Suncor (58.74 per cent), Imperial Oil Resources (25 per cent), Sinopec Oil Sands Partnership (9.03 per cent) and Nexen Oil Sands Partnership (7.23 per cent).

Respected business writer Mario Toneguzzi is a veteran Calgary-based journalist who worked for 35 years for the Calgary Herald in various capacities, including 12 years as a senior business writer.

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