Texas-based energy firm Sunoco will take control of Parkland’s Burnaby refinery after the Carney government approved the acquisition under the Investment Canada Act, clearing the last major Canadian hurdle ahead of an expected close Friday.
The transaction was announced in May 2025, with a stated value of approximately US$9.1 billion including assumed debt. Parkland shareholders voted in June 2025, with 93.46% in favor. Sunoco has guided to more than $250 million in annual run-rate synergies within three years.
Parkland operates the 55,000-barrel-per-day Burnaby Refinery, which Sunoco has said it plans to keep investing in to support low-carbon fuels and regional supply.
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Reuters reports the facility supplies about 25% of BC’s transportation fuel, while Canadian Press describes it as “nearly one-third” of the region’s gasoline and jet fuel.
The federal approval follows prior milestones, including US antitrust clearance under the Hart-Scott-Rodino Act waiting period and Toronto shareholder and court processes tied to Parkland’s plan of arrangement. Parkland has told investors that, subject to remaining conditions, the deal will close on October 31, 2025, after which Parkland’s shares will be delisted from the TSX.
This also comes after Ottawa made promises to extend efforts to restore US-Canada trade talks, with Energy Minister Tim Hodgson saying the government is willing to “do whatever we can” to support a potential Keystone XL revival as part of broader negotiations to lift the 50% steel and aluminum tariffs imposed by Washington. The move reflects Prime Minister Mark Carney’s push to re-engage with the US after stalled discussions following Ontario’s anti-tariff ads.
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