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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 ...
The Petro-Canada Act was passed in 1975 (under a Trudeau majority government), resulting in the creation of a new crown corporation, Petro-Canada. Petro-Canada was mandated to acquire imported oil supplies, take part in energy research and development, and engage in downstream activities such as refining and marketing.
Canada also boasted the world's first oil pipeline when, in 1862, a line connected the Petrolia oilfield to Sarnia, Ontario. In 1895, natural gas began flowing to the United States from Ontario's Essex field through a 20-centimetre pipeline laid under the Detroit River. In Western Canada, Eugene Coste built the first important pipeline in 1912.
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.
The following year, Petro-Canada drilled the F-99 delineation well at Panuke. That well tested oil at 8,000 m³ (69,188 barrels) a day for six days. While the Cohasset and Panuke discoveries were marginal by themselves, in the mid-1980s a consulting firm hired by Crown corporation Nova Scotia Resources Limited (NSRL) investigated the idea of ...
The Petro-Canada Act was passed in 1975 (under a Trudeau majority government), resulting in the creation of a new crown corporation, Petro-Canada. Petro-Canada was mandated to acquire imported oil supplies, take part in energy research and development, and engage in downstream activities such as refining and marketing.
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.
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.
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