DALLAS, Texas – Suncor has sold its Petro-Canada Lubricants business to US-based HollyFrontier for $1.125 billion.
The arrangement incorporates Petro-Canada’s Mississauga oils plant, which is the biggest maker of base oils in Canada with 15,600 barrels for each day of ointment generation limit.
The Petro-Canada Lubricants business will bring HollyFrontier industry driving item development and R&D abilities, a worldwide deals and conveyance organize and solid brand portfolio perceived all around, the organization declared. With this exchange, HollyFrontier additionally obtains an interminable selective permit to utilize the Petro-Canada trademark in relationship with Lubricants.
The arrangement makes HollyFrontier the fourth biggest oils maker in North America.
“This transformative procurement will expand HollyFrontier with the expansion of a separated high edge business with more steady money streams. Petro-Canada Lubricants is an incredible business, which joined with our current Tulsa Lubricants business makes scale and will make a solid stage for development,” said George Damiris, president and CEO of HollyFrontier. “We anticipate understanding the operational and money related advantages of this mix to promote fortify our organization and drive proceeded with esteem creation for HollyFrontier. We trust that the exchange will be of advantage to our stockholders, our present and new workers and Canada, particularly as we extend the household and universal reach of PCLI.”