Suncor Energy not in talks to buy more Syncrude interest after recent expansion

, Investment

The statement comes a day after Suncor upped its ownership in the project with a $937-million deal to buy Murphy Oil Corp.’s five per cent stake.

CALGARY – Suncor Energy Inc. is not looking to increase its stake in the Syncrude Canada Ltd. oilsands mining joint venture beyond its latest expansion.

“We have no explicit ambition to expand our interest in Syncrude,” Suncor president and CEO Steve Williams said Thursday, a day after his company upped its ownership in the project with a $937-million deal to buy Murphy Oil Corp.’s five per cent stake.

That deal is the second Suncor has struck in recent months and pushed the company’s interest in Syncrude, which is nearly adjacent to its own northern Alberta oilsands mines, up to 54 per cent.

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