Syncrude relies on traditional truck and shovel mining. (Image: Syncrude)
CALGARY – Suncor Energy has arranged to buy out Mocal Energy’s 5% interest in Syncrude for $925 million. Syncrude mines oil sands near Fort McMurray, Alta.
After this transaction, Suncor’s share of Syncrude will increase to 58.74%. Other partners in the joint venture are Imperial Oil Resources (25%), Sinopec Oil Sands Partnership (9.03%) and Nexen Oil Sands Partnership (7.23%).
Visit www.Syncrude.ca to learn more about oil sands mining.