Suncor is trying to steal thisIt's is not just the oil reserves, but the upgrading assets which are not replaceable at anywhere near this valuation.The crude slate of the World is getting heavier, especially now that shale oil is on the decline. The extra volumes we are seeing from OPEC are almost all heavy grades(Saudi(most of the newer offshore reserves are Arab Heavy) and Iraq(Basrah and Kirkuk are much heavier than they use to be). The demand in Chian is exploding despite what you hear, but this time the growth is in gasoline while diesel is still growing but only moderately. All the oil growth(if there is any) in Canada is heavy oil while light grades will stagnate due to lower CAPEX, so Suncor would love to have this facility in their system to balance their gravity slate. If I were Imperial, I would get this because Kearl ramp is going to considerable add to their heavy oil exposure. europe is beginning to re-think diesel and may start promoting gasoiline vehicles, so lighter grades will be seeing more demand if that happens.
Don't listen to the Media about demand in China, it's BS....
https://www.zerohedge.com/news/2015-10-08/carmageddon-what-750-million-chinese-hitting-road-looks