Suncor acquires 41% interest in PetroNor
2017-11-02 18:56 ET - News Release
Mr. Kris Smith reports
SUNCOR ENERGY AND PETRONOR ANNOUNCE AGREEMENT FOR EQUITY PARTNERSHIP
Suncor Energy Inc. has purchased a 41-per-cent equity interest in PetroNor, a petroleum products distributor across the James Bay and Abitibi-Temiscamingue 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.
PetroNor
is a thriving company that stands out in the community as well as across northern Quebec: Eeyou Istchee (James Bay) and Abitibi-Temiscamingue and whose aspiration for excellence is well established. It's in this context that since its creation, PetroNor has quickly become the main supplier of petroleum products in the Eeyou-Istchee territory. Having opened its new administrative office in Val-d'Or, in 2008, the company consists of a dynamic team whose mandate is to serve in an innovative, fast, professional and efficient fashion throughout Eeyou Istchee and Abitibi-Temiscamingue, offering a customized service to meet the specific needs of its clients. PetroNor assures its customers access to all fuels and lubricants required for aviation and residential use, commercial and industrial activities, as well as specialized products at competitive prices.
Suncor Energy is Canada's leading integrated energy company. Suncor's operations include oil sands development and upgrading, onshore and offshore oil and gas production, petroleum refining, and product marketing under the Petro-Canada brand.
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