Suncor bids for Petro-Canada
Suncor has announced plans to boost its oil sands portfolio through a merger with Petro-Canada that will see the combined entity operate under the Suncor name.
Announced on March 23, the deal will give Suncor the largest resource position in the oil sands and a stake in every major oil development on Canada's east coast.
According to a statement from both companies, the merger will result in annual operating expenditure reductions of C$300m ($244m) through streamlining business practices and overlapping operations, and improving logistics. The company also hopes to save C$1bn ($812m) in annual capital efficiencies by targeting high return, near term
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