Suncor Energy Inc. . says it has been agreed to operate the Syncrude project by the end of 2021, subject to formal approval by each owner of the joint venture.
Suncor has a 58. 74 percent stake in the Syncrude joint venture, a position that increased from 12 percent in 2016.
Other Syncrude stakeholders who need to approve the agreement are Imperial Oil Resources Ltd. . , CNOOC Oil Sands Canada and Sinopec Oil Sands Partnership.
Mark Little, CEO of Suncor, says the transition will help Syncrude better compete on cost-per-barrel.
Little says the deal could bring $ 300 million a year in synergies as Syncrude and Suncor have families employed by both companies after years of close relationships between neighboring energy projects.
Suncor’s statement states that Syncrude and Suncor will also benefit from the bi-directional pipelines connecting Suncor’s base plant and Syncrude operations that are now completed and commissioned.
Syncrude, Suncor Energy, Imperial Oil, Oil Sands, Petroleum, Joint Venture, Mark S. . Kleine
World News – CA – Suncor agrees to bring Syncrude into operation in late 2021
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