NEWS: Suncor assumes operatorship of Syncrude joint venture in bid to improve performance

CALGARY — Suncor Energy Inc. says it has assumed operatorship of the Syncrude oilsands project in a bid to improve its performance.

The Calgary-based company agreed to become the operator of the Syncrude Joint Venture, one of the largest operations in the oilsands last year.

Suncor CEO Mark Little says the company will build on the strength of the other Suncor-operated assets in the region to improve operating performance and unlock significant value.

Suncor holds a majority stake in Syncrude with 58.74 per cent.

Imperial Oil Resources Ltd. owns 25 per cent, while Sinopec Oil Sands Partnership holds 9.03 per cent and CNOOC Oil Sands Canada owns 7.23 per cent.

In addition to Syncrude, Suncor operates several other assets in the same region including its Oil Sands Base Plant, in situ assets Firebag and McKay River, as well as the Fort Hills Limited Partnership.

This report by The Canadian Press was first published Oct. 1, 2021.

Companies in this story: (TSX:SU, TSX:IMO)

The Canadian Press

News from © The Canadian Press, 2021. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

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