Suncor Sells Lubricants Unit for $1.13 Billion
CBJ — U.S. oil refiner HollyFrontier is acquiring Suncor Energy’s Petro-Canada lubricants unit for $1.13 billion as part of a major expansion of its North American lubricants business.
HollyFrontier will become the fourth-largest lubricants producer in North America with a capacity of 28,000 barrels per day, or about 10% of North American production.
Petro-Canada is the world’s largest manufacturer of white mineral oil, which is used in health and beauty products, pharmaceuticals, adhesives, plastics and elastomers. It purchased its lubricants business from Gulf Canada in 1985.
Suncor, Canada’s biggest energy company, merged with Petro-Canada in 2009.