Suncor Energy, which operates Canada's largest fuel ethanol plant, released its fourth quarter 2006 and year-end financial results today.

Suncor reported 2006 net earnings of CAN$2.97 billion, which was an increase from CAN$1.158 billion from 2005. The company attributed the figures primarily to higher crude oil production and higher crude oil prices in 2006.

Suncor's Sarnia, Ontario, ethanol plant produces 200 MMly (53 MMgy) and opened in 2006. During a conference call today, Suncor President and CEO Rick George said the company may look at developing a second phase to its Sarnia ethanol plant. He also said Suncor is looking at biofuels opportunities elsewhere in Canada and Colorado.

"While continuing to expand its integrated oil sands and downstream refining and marketing businesses, Suncor has also made advances in its renewable energy strategy with the opening of Canada's largest ethanol plant and commissioning of its third wind farm," said a Suncor press release. "Further investment in ethanol-blended biofuels and a fourth wind farm are planned for 2007."

Suncor operates two crude oil refineries near Denver. In 2003, the company acquired a Valero Energy Corporation refinery in Commerce City, Colo., which is just outside Denver. Suncor acquired its first Colorado refinery in 2003. George said the facilities refine between 90,000 and 100,000 barrels of crude oil per day.

Canada may require more ethanol relatively soon. On Dec. 20, 2006, the Canadian federal government announced a regulation to require 5 percent renewable content in gasoline by 2010 and 2 percent renewable content in diesel and home heating oil no later than 2012.

Dave Nilles is Online Editor for Ethanol Producer Magazine. Reach him at dnilles@bbibiofuels.com or (701) 373-0636.

Posted: 12:03 p.m. CST Thursday, January 25, 2007