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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]
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 Energy (Petro Canada) refinery near Edmonton has a capacity of 142,000 barrels per day (22,600 m 3 /d) of crude oil. The Imperial Oil Strathcona Refinery near Edmonton has a capacity of 187,200 barrels per day (29,760 m 3 /d). The Shell Canada Scotford Refinery near Edmonton has a capacity of 100,000 barrels per day (16,000 m 3 /d).
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.
The federal Post Office Department became a Crown corporation as Canada Post Corporation in 1981, and Canada's export credit agency, Export Development Canada, was created in 1985. Perhaps the most controversial was Petro-Canada, Canada's short-lived attempt to create a national oil Crown corporation, founded in 1975.
Terra Nova is an oil field development project based off the coast of Newfoundland, discovered in 1984 by Petro-Canada.Terra Nova is the first harsh environment development in North America to use a Floating Production Storage and Offloading (FPSO) vessel, Terra Nova.
The Shell Canada - Montreal East Refinery (161 000 bpd) is located in the Montréal-Est city on Sherbrooke Street East. This refinery was founded in 1931, the second Montreal refinery after the Imperial Oil (Esso) Refinery.
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.
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