Suncor planning to grow oilsands business
Investors need not fear Suncor Energy is moving away from being an oilsands dominated company after merging with Petro Canada, an executive told an energy conference in Miami yesterday.
Prior ray ban sunglasses to its merger with Petro Canada, Suncor’s business consisted of 80% oilsands and 20% of what John Rogers called “other stuff,” such as natural gas and downstream operations.
After August’s merger, through which Suncor has acquired refineries, natural gas and offshore assets, oils ray ban sunglasses ands now occupy only 50% of the company’s business.
Rogers said he understands how this sh ray ban sunglasses ift has created “confusion” in financial markets. “So you really have diluted your bottle in terms of where you are and where you think you are going to take the company,” Rogers said.
Suncor plans to grow its oilsands business by up to 12% over the next decade, which will boost the oi ray ban sunglasses lsands share back to about 75% by 2015, Rogers said. “Clearly, we want to be an oilsands dominated division,” he said. This means Suncor won’t channel much capital into its refineries and will shed some of its natural gas assets.
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