Sunoco LP and Parkland Corp. on May 5 announced a definitive agreement under which Sunoco will acquire all outstanding shares of Parkland Corp. The Burnaby refinery, which recently began to produce sustainable aviation fuel (SAF), is among the assets subject to the acquisition. 

As part of the transaction, Sunoco said it intends to form a new publicly traded Delaware limited liability company named SUNCorp. LLC, which will hold limited partnership units of Sunoco that are economically equivalent to Sunoco's publicly-traded common units on the basis of one Sunoco common unit for each outstanding SUNCorp unit.

"This strategic combination is a compelling outcome for Parkland shareholders," said Michael Jennings, executive chairman of Parkland. "The Board unanimously recommends the proposed transaction, recognizing Sunoco’s commitment to safeguarding Canadian jobs, retaining the Calgary head office, and further investing in Canada. This partnership creates significant financial benefits for shareholders and would position the combined company as the largest independent fuel distributor in the Americas." 

Parkland in December 2024 announced it had successfully begun production of Canada’s first batch of low carbon aviation fuel (SAF) at its Burnaby Refinery. The SAF was produced using existing infrastructure to process non-food grade canola and tallow as core feedstocks. According to Parkland, the initial 101,000 liter batch of SAF was purchased by Air Canada. 

In a statement announcing the acquisition, Sunoco said it is committed to continuing to invest in the Burnaby Refinery and confirmed the facility will continue to operate.