Oil sands producer Suncor gains foothold in U.S.

Petroleum News Staff

Oil sands producer Suncor Energy has completed the first stage of a move into the United States, in a C$304 million deal to acquire a Colorado refinery and retail outlet from ConocoPhillips, plus interests in two pipelines with combined throughput of 80,000 barrels per day. The key is a 62,000 barrel per day refinery near Denver to handle some of the growing synthetic crude output from Suncor’s northern Alberta oil sands operation. The Canadian company eventually plans to add another 100,000 barrels per day to the refinery as it aims for 500,000 barrels per day of oil sands production by 2010. The 43 retail stations will continue to operate under the Phillips 66 banner.