Suncor Energy and Petronor Announce Agreement for Equity Partnership

Source Press Release
Company Suncor Energy Inc. 
Tags Corporate Deals, Deals, Refining & Marketing Activities
Date November 02, 2017

Suncor and PetroNor today announced the purchase by Suncor of a 41% equity interest in PetroNor, a petroleum products distributor across the James Bay and Abitibi-Témiscamingue regions of Quebec.

Owned and operated by the James Bay Crees, PetroNor services commercial, industrial, aviation, mining and residential clients. PetroNor's technical expertise and logistics capabilities have helped them support the unique and specialized needs of northern customers and communities for many years.

"This announcement clearly shows that we are integral players in business and we have the ability and means to build strong relationships. We believe Suncor's continued willingness to forge a long-term business relationship with the James Bay Crees demonstrates a shared belief in the long-term growth opportunities for PetroNor and the northwestern regions of Quebec," says Dr. Ted Moses, president, PetroNor.

Under the terms of the agreement, Suncor, through its Petro-Canada brand, will continue its exclusive supply agreement with PetroNor providing fuel and distillate from the Suncor Montreal refinery to the northwest Quebec region. In addition, Suncor and PetroNor will continue to pursue additional opportunities in northwestern Quebec to better serve customers in the region."

Today's announcement builds on the 14-year relationship we've had with PetroNor. During this time we've developed greater understanding of each other's business strengths and worked on a collaborative approach that will allow for our long-term success," said Kris Smith, executive vice president, Downstream, Suncor. "We see exciting growth opportunities in the region and we're looking forward to working together to grow this business."

In 2016, Suncor announced a social goal, which recognizes the value of relationships, and focuses on changing the way we think and act so we can strengthen relationships and increase the participation of Aboriginal Peoples in energy development. This partnership is another example of strengthening relationships in the communities where we operate.

Source: EvaluateEnergy® ©2018 EvaluateEnergy Ltd