Suncor Energy buys minority stake in PetroNor
It has been revealed that Suncor Energy has bought into fellow industry operator PetroNor, acquiring a 41% equity interest in the petroleum products distributor.
Owned by James Bay Crees, PetroNor provides services to the oil and gas industry across the James Bay and Abitibi-Temiscamingue regions of Quebec, with an emphasis on logistics and technical expertise.
“This announcement clearly shows that we are integral players in business and we have the ability and means to build strong relationships,” said Ted Moses, President of PetroNor. “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.”
Despite the purchase, Suncor will continue with its contract to supply PetroNor with fuel and distillate from its Montreal refinery.
“Today's announcement builds on the 14-year relationship we've had with PetroNor,” said Kris Smith, Executive Vice President, Downstream, Suncor. “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.”
“We see exciting growth opportunities in the region and we're looking forward to working together to grow this business.”