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Petro-Canada was founded as a Crown Corporation in 1975 by an act of Parliament. It started its operations on 1 January 1976. The company was given C$1.5 billion in start-up money and easy access to new sources of capital. It was set up in Calgary, despite the hostility of existing oil firms.
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]
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.
Pacific Petroleums Limited was formed as a merger of two companies: West Turner Petroleums and British Pacific Oils, both of which had been founded by Frank McMahon. The vote to merge took place on Saturday, 14 January 1939 in Vancouver. [2] McMahon stayed with the company until 1941, when he left to form several other oil companies.
Petro-Canada logo. In 1975, in response to the world energy crisis, the federal government created Petro-Canada, a Canadian crown corporation that was national oil company. Petro-Canada was involved in the massive Hibernia oil find off Newfoundland and was a partner in the Syncrude oil sands venture in Fort McMurray, Alberta. The Alberta oil ...
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).
In January 1976, Hopper became the first president of the new crown corporation Petro-Canada. In 1978 he gained the additional title of chairman of the board, and in 1979 ceded the presidency. Hopper remained chairman of Petro-Canada until 1993, when he was succeeded by Alfred Edwin Barroll.
Gulf Canada remained in existence after the 1985 acquisition of Gulf Oil by Chevron. However, in 1986 Gulf Canada sold its retail operations, which included 900 gas stations, to Petro-Canada. In 2001, Conoco purchased Gulf Canada for C$6.7 billion in what was then the largest oil and gas transaction in Canadian history. The company then became ...