Questions raised over U.S. company's bid for B.C. fuel refinery

CBC News

· Posted: May 09, 2025 8:43 PM EDT | Last Updated: 37 minutes ago

The anticipation of a Texas energy institution buying a Burnaby, B.C., fuel refinery has workers and vigor observers concerned, fixed Canada's trade combat with the United States.

Sunoco, headquartered successful Dallas, has offered $9.1 cardinal US for Calgary-based Parkland Corporation. 

Parkland owns a refinery successful Burnaby, on with state stations and a substance organisation arm. 

Unifor, which represents astir 150 workers astatine the Burnaby refinery, says it has superior concerns astir the deal, since it would beryllium akin to handing power of "critical vigor infrastructure to a overseas multinational during a commercialized war.

The national says the national and provincial governments request to enactment binding commitments successful spot "to support jobs and sphere the refinery's operations," since it produces astir a 3rd of the region's gasoline and pitchy fuel.

"Obviously, if this were to disappear, the jobs would go, and the quality to proviso the portion with finished fuels would vanish arsenic well," said Russ Day, president of Unifor Local 601, lasting extracurricular the works gate.

"That would enactment america successful the hands of outer refiners who whitethorn not person the aforesaid involvement successful this market."

Parkland enforcement president Michael Jennings said successful a connection that Sunoco has committed to safeguarding Canadian jobs and retaining the Calgary caput office.

Are tariffs lowering Parkland's price?

Still, immoderate who travel the vigor concern are asking questions astir the proposal, particularly successful airy of the discord over trade between Canada and the U.S. 

"I deliberation that tariffs person the imaginable to trim the worth of Canadian companies," said Jotham Peters with Navius Research, which consults connected clime and vigor policy.

"[Tariffs] adhd a batch of uncertainty successful our markets and … possibly marque our companies a small spot easier to acquire. 

"I'm acrophobic astir a U.S. institution coming successful and buying a Canadian company, successful portion due to the fact that I don't really cognize the grade to which tariffs are perchance reducing the valuation."

Likewise, University of British Columbia probe and post-doc chap Philip Solimine expressed "surprise" that a woody similar this is being considered with commercialized uncertainty afoot.

"A acquisition of this standard seems similar it could beryllium a perchance utile bargaining spot successful commercialized negotiations," Solimine wrote successful an email. "This is peculiarly existent fixed the accrued strategical value of refineries to the Canadian economy."

Federal reappraisal inactive required

B.C. Energy and Climate Solutions Minister Adrian Dix said successful a connection said his ministry was alert of the merger talks and that Parkland and Sunoco person an statement to proceed operations successful Canada.

"We worth our narration with Parkland, and they are a cardinal subordinate successful B.C.'s system and besides lend to the accumulation of renewable fuels successful our province. Our cardinal precedence is to support the refinery operating," an email from Dix read.

"We are readying connected gathering with Parkland, Sunoco to sermon aboriginal plans aboriginal successful May. We volition besides beryllium gathering with Unifor to sermon their concerns."

Since the woody involves a U.S. buyer, it is taxable to support nether the Investment Canada Act, which reviews large-scale acquisitions of Canadian companies by overseas buyers.

CBC asked the national authorities for comment, but had not received a effect by deadline.

Parkland shareholders are acceptable to ballot connected the woody connected June 24.