Sunoco LP and Parkland Corp. announced on May 5 a definitive agreement for Sunoco to acquire all outstanding shares of the Canadian fuel supplier. Among the key assets in the deal is Parkland’s Burnaby Refinery, which recently began producing sustainable aviation fuel (SAF) — the first of its kind in Canada, reports Biodiesel Magazine.
As part of the acquisition, Sunoco plans to form a new publicly traded company, SUNCORP LLC, registered in Delaware. This company will hold Sunoco limited partnership units that are financially equivalent to the company’s publicly traded common units, on a one-for-one basis.
Michael Jennings, executive chairman of Parkland, called the agreement a “compelling outcome” for shareholders. “The board unanimously recommends the proposed transaction,” he said, noting Sunoco’s pledge to preserve Canadian jobs, maintain Parkland’s Calgary head office, and continue investing in the country.
The Burnaby Refinery began producing SAF in December 2024, using non-food grade canola and tallow as feedstocks. The first batch — 101,000 liters — was purchased by Air Canada, marking a milestone in Canada’s efforts to reduce aviation emissions.
In a joint statement, Sunoco confirmed it intends to keep the Burnaby Refinery operating and said it remains committed to further investment in the facility, signaling continued momentum for clean fuel production in North America.
