Suncor Energy to retain and improve Petro-Canada's retail business
The company stated that it will focus on optimising the brand’s service station and expand its strategic partnership in non-fuel businesses.
Suncor Energy’s Board of Directors have announced that the company will retain and continue to improve its Petro-Canada retail business. The representatives of the firm stated that it will focus on optimising the brand by increasing its EBITDA contribution and strengthening Suncor’s integrated refining & marketing business.
The company aims to improve the brand’s retail sites across the network as well as expanding its strategic partnerships in non-fuel related businesses. These include quick service restaurants, convenience stores, loyalty partnerships and energy transition offerings.
“After careful consideration, the Board has concluded that retaining and optimising the Company’s retail business will generate the highest long-term value for shareholders and therefore, has unanimously decided to retain and continue to optimise the network and expand strategic partnerships for the Petro-Canada retail business that enhance our capabilities and capture increased revenue and cash flow opportunities,” said Mike Wilson, Chair of Suncor Energy’s Board of Directors.
A Committee of the Board, composed of independent directors with support from independent external advisors and management, oversaw a comprehensive review and analysis of the Company’s retail business. It considered the pros and cons of a range of alternatives and the likelihood of capturing long-term value for Suncor if the business was sold.
With 18% of the Canadian retail fuel sales, Petro-Canada holds the top position in Kallibrate’s market share report. In addition, the network caters to more than 3 million active members of its fuel loyalty program, Petro-Points.
