Topic: How To Invest

The Successful Investor Hotline – Friday, March 31, 2023

Article Excerpt

SUNCOR ENERGY INC., $41.96, Toronto symbol SU, is a buy. The company is Canada’s largest integrated oil firm, with major projects in the Alberta oil sands. It also operates four refineries (three in Canada and one in Colorado), along with 1,590 Petro-Canada gas stations. Suncor is part of a joint venture that is building a facility near Montreal, called Varennes Carbon Recycling, that will convert wood and other waste materials into biofuels and other chemicals. It will also produce hydrogen from non-fossil-fuel sources. The company has not yet disclosed its stake in the venture, but the other partners include Shell Canada, Proman Canada Inc. and the Quebec and federal governments. This week, the Canada Infrastructure Bank, a federal Crown Corporation formed in 2017, agreed to provide $277 million in loans to the venture. In all, the Varennes project will cost $1.2 billion, and should begin operating in 2025. Investments like this will help Suncor meet its goal of cutting its carbon emissions to zero (on…