Canadian Mining Journal

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OIL SANDS: Suncor buys 5% more of Syncrude joint venture


Truck and shovel mining at Syncrude. (Image: Suncor Energy)

ALBERTA – Suncor Energy of Calgary is increasing its interest in the Syncrude oil sands joint venture to 58.74% from 53.74%. The company has agreed to pay $920 million for the 5% interest held by Mocal Energy.

Subject to customary closing adjustments, the deal is expected to close by the end of March 2018 and will be retroactive to Jan. 1, 2018.

Partners in the Syncrude joint venture near Fort McMurray will be Suncor, Imperial Oil Resources (25%), Sinopec Oil Sands Partnership (9.03%), and Nexen Oil Sands Partnership (7.23%).

Read the most recent corporate presentation at www.Suncor.com.