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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 ...
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]
While Petro Canada was once owned by the Canadian government, it is now owned by Suncor Energy, which continues to use the Petro Canada label for marketing purposes. In 2007 Canada's three biggest oil companies brought in record profits of $11.75 billion, up 10 percent from $10.72 billion in 2006.
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 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.
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.
In 1981, Petrofina sold its Canadian retail operations in eastern Canada to the Canadian government and became part of Petro-Canada. [2] Petrofina merged with Total S.A. of France to form TotalFina and with Elf in 2000 to form TotalFinaElf. The company's current name is TotalEnergies (since 2021). [3] [4]
The Suncor Energy Centre, [5] formerly the Petro-Canada Centre, is a 181,000-square-metre (1,950,000 sq ft) project composed of two granite and reflective glass-clad office towers of 32 floors and 52 floors, in the office core of downtown Calgary, Alberta.