The Parkland–Sunoco Deal: What Foreign Ownership Means for Canada’s Fuel Future
When Sunoco LP announced it would acquire Parkland Corporation, it wasn’t just another M&A headline — it marked a turning point in who controls a major share of Canada’s energy and retail fuel network.
Sunoco LP, based in Texas, is now North America’s largest independent fuel distributor, operating across the United States, Canada, and the Caribbean. Through this acquisition, it gains Parkland’s more than 4,000 retail and commercial fuel and convenience locations¹, including Canadian mainstays such as Ultramar, Pioneer, Chevron, Fas Gas Plus, Esso, and the On the Run convenience-store brand — plus the Burnaby, B.C., refinery, which has a processing capacity of about 55,000 barrels per day².
The companies announced that the deal was approved under the Investment Canada Act, with no public conditions disclosed³.
It’s a remarkable milestone for the companies involved — and an important moment for Canadians to reflect on what foreign ownership means for our economy, our communities, and our long-term resilience.
A Story Bigger Than One Deal
Foreign ownership in Canada isn’t new. From energy and mining to retail and infrastructure, global companies have long viewed Canada as a stable and resource-rich market.
In fact, some of the country’s most familiar fuel brands — Shell and Esso, for example — are already foreign-owned, controlled respectively by Shell plc (UK/Netherlands) and ExxonMobil (U.S.) through Imperial Oil⁴. These companies have been part of Canada’s economic landscape for decades, shaping everything from fuel pricing to infrastructure investment.
This openness to global capital has brought both opportunity and vulnerability. It has helped build world-class refineries, supply chains, and retail networks — but it has also meant that many strategic decisions about Canadian energy are made outside our borders.
The Parkland–Sunoco transaction adds a new chapter — one that forces us to look beyond the press releases and ask: What do we gain, and what do we risk, when key Canadian assets move under foreign control?
What Sunoco Purchased in Canada
Sunoco’s acquisition of Parkland is more than a network of gas stations — it’s the purchase of a fully integrated energy, logistics, and retail business that reaches across Canada, retail, food, and renewable energy.
Sunoco’s acquisition of Parkland gives it control of a fully integrated energy, logistics, and retail platform that stretches across Canada.
- Core Energy & Refining Assets
- Burnaby Refinery (B.C.) — Processes approximately 55,000 barrels per day² of gasoline, diesel, and jet fuel.
Strategic Value: Provides Sunoco with domestic refining capacity and a strong foothold in Western Canada’s product market. - Low-Carbon & Renewable Energy Operations — Includes renewable diesel production, biofuel blending, and EV charging pilots.
Strategic Value: Supports Sunoco’s low-carbon and ESG goals, aligning with long-term energy transition strategies.
- Distribution, Logistics & Supply Chain
- Elbow River Marketing — A major Canadian rail, marine, and trucking logistics network.
Strategic Value: Enables cross-border supply optimization and better access to both U.S. and Canadian terminals. - Wholesale Fuel Distribution — Extends Sunoco’s supply presence across Western and Atlantic Canada, integrating with its U.S. refining base.
Strategic Value: Strengthens Sunoco’s North American throughput and export efficiency.
- Retail, Convenience & Customer Platforms
- Retail Fuel Network — Roughly 1,900 service stations under the Ultramar, Chevron, Pioneer, Fas Gas Plus, RaceTrac, and licensed Esso brands.
Strategic Value: Expands Sunoco’s retail footprint and brand presence across North America. - On the Run, Marché Express, and M&M Food Market — Over 300 stores and 2,000 express locations⁵ offering convenience and fresh food.
Strategic Value: Builds a national convenience and food retail network with strong brand recognition. - Calgary Headquarters & Workforce — Includes Parkland’s corporate office, data assets, and the Journie™ Rewards program (with CIBC).
Strategic Value: Adds customer loyalty and analytics capabilities, creating synergies across Sunoco’s broader retail system.
In short, Sunoco has acquired not just Parkland’s fuel network, but a diversified platform that spans refining, logistics, retail, food, and renewable energy.
Sunoco’s U.S. Supply Network — and Its Impact on Canada
Sunoco LP isn’t just a retailer; it’s one of the most sophisticated fuel-logistics operators in North America, distributing over five billion gallons of fuel annually⁶ through a web of terminals, pipelines, and marine routes.
With Sunoco’s U.S. refining and export network now integrated into Parkland’s Canadian logistics arm, Elbow River Marketing can source more product directly from the United States. While that may improve supply flexibility and pricing, it also means less reliance on Canadian refiners like Suncor, Shell, and Esso, potentially reshaping long-standing terminal relationships and shifting Canada’s downstream market toward a more continental, U.S.-anchored supply model.
The Risks of Foreign Ownership
While foreign ownership can bring capital and expertise, it also introduces new vulnerabilities — particularly when the acquisition is financed primarily by debt.
Sunoco’s US $9.1 billion acquisition³ of Parkland is debt-financed, meaning Canadian operations will help service that debt. If margins tighten or interest rates rise, the combined company could face pressure to cut costs, sell assets, or reduce investment in renewables and infrastructure.
Strategic priorities — from pricing to sustainability — will now be shaped primarily in the United States. Canada’s operations risk becoming a cash generator rather than an innovation hub, with profits redirected south.
In short, leverage amplifies both upside and downside. Sunoco’s success — and Canada’s benefit — now depend on disciplined operations and steady market conditions.
What Gas Station Brands are Canadian?
Despite extensive foreign consolidation, Canada still retains a solid core of domestically owned companies operating in fuel, retail, and energy services.
| Company | Headquarters | Type | Ownership | Retail Brand(s) | Refining Presence |
| Suncor Energy (Petro-Canada) | Calgary, AB | Integrated energy & retail | Public (Canadian) | Petro-Canada | Yes |
| Irving Oil | Saint John, NB | Integrated, private | Family-owned (Canadian) | Irving | Yes |
| Federated Co-operatives Ltd. (FCL) | Saskatoon, SK | Co-operative | Member-owned (Canadian) | Co-op | Yes |
| Harnois Énergies | Saint-Thomas, QC | Independent | Private (Canadian) | Harnois / EVO / Pétro-T | No |
| UFA Petroleum | Calgary, AB | Co-operative | Member-owned (Canadian) | UFA | No |
| Canco Petroleum | Langley, BC | Independent retail | Private (Canadian) | Canco | No |
| Centex Petroleum | Calgary, AB | Independent retail & wholesale | Private (Canadian) | Centex | No |
| Global Fuels Inc. | Burlington, ON | Distributor / Retailer | Private (Canadian) | Esso / Mobil (franchise) | No |
| Canadian Tire Corporation (Gas+) | Toronto, ON | Retail & Fuel | Public (Canadian-controlled) | Canadian Tire Gas+ / Petro-Canada (co-branded) | No |
Why Canada Let the Deal Proceed Quietly
The deal received Investment Canada Act (ICA)³ approval with no publicly disclosed conditions or undertakings.
The silence may reflect broader trade priorities — but it also raises questions about oversight in a sector vital to national resilience.
Canada could have demanded binding commitments to maintain domestic supply, protect refinery operations, and invest in renewable infrastructure. By choosing not to, the government may have traded short-term diplomatic harmony for long-term economic leverage.
The Road Ahead
Foreign ownership doesn’t have to mean a loss of control — but it demands vigilance. Canada’s challenge is to ensure that global capital strengthens our domestic expertise and infrastructure rather than replacing them.
At Fuel Partners, we believe in partnership, not protectionism. Global ownership can bring opportunity — but only if Canadian businesses, suppliers, and policymakers remain engaged and proactive in shaping outcomes.
The future of Canada’s fuel industry will depend not just on who owns the assets, but on how that ownership is used — to grow, innovate, and sustain Canada’s place in a rapidly changing global energy landscape.
Final Thoughts
Foreign investment has long played a central role in Canada’s growth story. From energy to manufacturing and infrastructure, global capital and expertise helped Canada build the scale, efficiency, and connectivity that define our modern economy.
The Parkland–Sunoco deal is another chapter in that story — one that brings new opportunity, but also renewed responsibility. The challenge now is to ensure that foreign ownership continues to strengthen Canadian capacity, not replace it.
When global partnerships are guided by shared purpose, Canada benefits. Our success has never come from isolation — it has come from shaping international relationships that serve our long-term interests, our people, and our future.
Footnotes
- Parkland Corporation, Retail Overview, 2024 — “Over 4,000 retail locations across 26 countries.” parkland.ca
- B.C. Environmental Assessment Office, Burnaby Refinery Project Notification, 2020 — Refinery capacity ≈ 55,000 bbl/day.
- PR Newswire, Sunoco LP and Parkland Corporation Receive Investment Canada Act Approval, Oct 2024.
- Shell plc (UK/NL) and ExxonMobil Corp (U.S.) corporate disclosures; Imperial Oil Ltd. (69.6% owned by ExxonMobil).
- Parkland Corp, Acquisition of M&M Food Market, Feb 2022.
- Sunoco LP, Company Overview and Investor Presentation, 2024 — ≈ 5 billion gallons annual distribution.
About the Author
Linda Thompson is the Managing Partner and Co-Founder of Fuel Partners, a boutique consultancy serving the retail fuel, car wash, and convenience channel. With more than 25 years of industry experience, she brings a rare blend of strategic insight and practical know-how to every client engagement.
Throughout her career, Linda has guided clients through major transitions — from acquisitions and sales to restructures and redevelopments — always with a focus on creating sustainable value and long-term success. She’s known for her hands-on leadership, deep market understanding, and genuine commitment to helping others succeed.
Connect with Fuel Partners to explore how our strategic insight and hands-on expertise can help you plan your next move. At Fuel Partners, we work with clients navigating the evolving retail fuel, car wash, and convenience landscape — helping them anticipate change, build resilience, and unlock opportunity in every market condition.
