April 28, 2016 / 12:12 AM / a year ago

Suncor Energy to acquire additional 5 percent stake in Syncrude

(Reuters) - Canadian oil and gas producer Suncor Energy Inc said on Wednesday it has agreed to pay about C$937 million to acquire an additional 5 percent stake in its Syncrude oil sands joint venture from Murphy Oil Corp’s Canadian unit.

The Suncor Energy sign is seen outside Suncor's head office in Calgary, Alberta, October 2, 2009. REUTERS/Todd Korol

The deal would increase the company’s share in Syncrude to 53.74 percent, Suncor said in a statement.

Together with Suncor’s acquisition of Canadian Oil Sands in March, the company’s production capacity would increase by 17,500 barrels per day of high-quality light sweet synthetic crude, Suncor Chief Executive Steve Williams said.

Murphy Oil said in a statement it expected the deal to close at mid-year.

Reporting by Subrat Patnaik in Bengaluru; Editing by Richard Chang

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