The company said instead it will look to improve its retail operations including expanding strategic partnerships in non-fuel related businesses such as quick service restaurants, convenience stores, loyalty partnerships and energy transition offerings.Start your day with a roundup of B.C.-focused news and opinion delivered straight to your inbox at 7 a.m., Monday to Friday.By clicking on the sign up button you consent to receive the above newsletter from Postmedia Network Inc.
Suncor chair Mike Wilson says the company’s board concluded that keeping and optimizing the retail business will generate the highest long-term value for shareholders. “Petro-Canada is a unique, differentiated, and strategic asset due to its strong national network and best in market consumer brand and loyalty program,” Wilson said in a statement.Article content
The review included an analysis of the business, including an assessment of the value of Suncor’s integrated model, studies of the future of retail in Canada and Petro-Canada’s growth plans.The decision to keep the retail business came as Suncor announced its production outlook and capital program for 2023.The company says it expects total production next year is expected to be between 740,000 to 770,000 barrels of oil equivalent per day.
Refinery throughput for 2023 is expected to be 430,000 to 445,000 barrels per day with refinery utilization between 92 and 96 per cent.Share this article in your social network
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