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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 ...
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.
Because proven reserves include oil recoverable under current economic conditions, nations may see large increases in proven reserves when known, but previously uneconomic deposits become economic to develop. In this way, Canada's proven reserves increased suddenly in 2003 when the oil sands of Alberta were seen to
Petro-Canada was founded in 1975 as a federally-owned crown corporation, then privatized beginning in 1991. The provincial government of Ontario purchased a 25% stake in Suncor Energy in 1981, then divested it in 1993. Petro-Canada has been met with opposition mainly from Alberta, home to one of the main
Top 5 oil-producing countries 1980–2022 World oil production. This is a list of countries by oil production (i.e., petroleum production), as compiled from the U.S. Energy Information Administration database for calendar year 2023, tabulating all countries on a comparable best-estimate basis.
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]
Libya is an OPEC member and has Africa's largest proven oil reserves and the ninth largest globally. The country enjoys comparative affluence within the Middle East and North Africa region and is an important contributor to the global supply of crude oil. Bilateral merchandise trade between Canada and Libya was $51.6 million in 2020.
In 2007, Libya was the world's 10th largest oil exporter, with 73 Mt in oil exports. [6] As of 2009, Europe's share of Libya's oil exports was 78%. [7] Domestically, the primary energy use in Libya was 237 TWh and 37 TWh per million persons. [8] [clarification needed] The National Oil Corporation is the state oil company of Libya.