Petro-Canada, Ultramar Diamond Shamrock Pursue Joint Venture

Petro-Canada (Calgary, Alberta) and Ultramar Diamond Shamrock (San Antonio, TX) have said that they will continue to pursue their previously announced joint venture of oil refining and marketing businesses in Canada and the northern United States.

The Competition Bureau of Canada has advised representatives of the two companies that the joint venture raises serious concerns under Canada's competition laws. However, the Bureau has indicated that they are willing to consider further information on the effect and structure of the proposed joint venture and the resulting efficiencies. Petro-Canada and Ultramar Diamond Shamrock have expressed their intent to continue to work with the regulatory authority to resolve their concerns.

The completion of the joint venture transaction is subject to various conditions including competition law clearance.

Edited by Beth Brindle