Suncor Says Petro-Canada Gas Stations Not Part of Sale Planby
Suncor Energy Inc.’s Petro-Canada gasoline station chain is not part of the oil producer’s asset sale plan as the business helps provide diversification, a company spokeswoman said.
“Retail is part of our integrated model as it provides a channel of sale for much of our refinery production,” Sneh Seetal said in an e-mailed statement. She was responding to questions following a report by Reuters that the Canadian oil company is weighing a sale of the business.
Suncor has considered a sale of the retail business and “retains it there as an option,” Chief Executive Officer Steve Williams said in a conference call with analysts in April. The company has sold about C$4.5 billion ($3.4 billion) of “non-core assets” since the merger with Petro-Canada in 2009 and earlier this year targeted as much as C$1.5 billion in asset sales over the next year.
“That is clearly a possibility for integrated oil companies to do that,” Williams said at the time. “It’s not at the top of our list in terms of what we want to do because we see it as business which is contributing.”
Imperial Oil Ltd. sold its Esso retail chain in March to distributors including 7-Eleven Inc., Parkland Fuel Inc. and Alimentation Couche-Tard Inc., a Laval, Quebec-based convenience store operator. The sale was worth C$2.8 billion, the company said.