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Suncor Energy buys minority stake in product distributor owned by James Bay Cree

November 03, 2017 - 7:17 AM

VAL-D'OR, Que. - PetroNor, a petroleum products distributor operating in northwest Quebec, has a new equity partner — Suncor Energy Inc. (TSX:SU).

Financial terms of the arrangement weren't disclosed but the companies said the Calgary-based oil and gas company would have a 41 per cent stake in PetroNor, which is owned and operated by the James Bay Crees.

Suncor will also continue to supply PetroNor with fuel and distillate from the Suncor Montreal refinery.

PetroNor distributes petroleum products across the James Bay and Abitibi-Temiscamingue regions of Quebec.

PetroNor president Ted Moses says the business relationship with the James Bay Crees "demonstrates a shared belief in the long-term growth opportunities for PetroNor and the northwestern regions of Quebec."

Kris Smith, a Suncor executive vice-president, said the agreement builds on a 14-year relationship that the Calgary-based company has had with PetroNor and "we're looking forward to working together to grow this business."

News from © The Canadian Press, 2017
The Canadian Press

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