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Suncor Energy Ups Stake in Syncrude Oil Sands Joint Venture.

M2 EQUITYBITES-March 1, 2018-Suncor Energy Ups Stake in Syncrude Oil Sands Joint Venture

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1 March 2018 - Canadian energy company Suncor has closed the transaction to purchase a 5% interest in the Syncrude joint venture from Mocal Energy, the company said.

Syncrude mines oil sands in Canada.

The USD 730m purchase price is subject to closing adjustments.

Through this transaction Suncor's share in the Syncrude joint venture has increased from 53.74% to 58.74%.

The Syncrude joint venture partners are Suncor (58.74%), Imperial Oil Resources, Sinopec Oil Sands Partnership (9.03%) and Nexen Oil Sands Partnership (7.23%).

Suncor Energy's operations include oil sands development and upgrading, offshore oil and gas production, petroleum refining, and product marketing under the Petro-Canada brand.

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Publication:M2 EquityBites (EQB)
Date:Mar 1, 2018
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