On March 23, 2009, Petro-Canada announced plans to merge with Suncor Energy Inc. (Suncor) to create the premier Canadian energy company. Both companies have complementary cultures and leading environmental and social responsibility practices. We feel this partnership will be a success because both companies share the same strong set of values and key cultural aspects, such as our commitment to our community, the safety of our workers and being environmentally responsible.
Many of our investments and projects are long term in nature, and we expect to be a corporate citizen in the communities where they are located for many years.
In 2003, Petro-Canada developed Principles for Responsible Investment and Operations (Principles). Wherever we operate around the world, we seek to invest and conduct operations in a manner that is economically rewarding to all parties. We continue to be recognized as operating in an ethically, socially and environmentally responsible manner. We aim to be welcomed by the communities in which we operate, facilitating economic, human and community development within a stable operating environment.
We are advancing multiple major long-term growth projects: the extension of the White Rose field off the East Coast of Canada, the Syria Ebla gas project and the developments associated with the new Libya Exploration and Production Sharing Agreements (EPSAs) that have been sanctioned. Three other projects, MacKay River expansion, Fort Hills mining project and the Montreal coker, are not sanctioned and are on hold until commodity prices strengthen, financial markets stabilize and the proposed merger with Suncor is completed.
As we develop our projects, we become a member of various communities in which we operate for many decades. We understand that sustaining and growing our licence to operate is critical to the success of both our projects as well as the communities in which we operate.
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