Work at Syncrude's Aurora mine near Fort McMurray. Courtesy of Syncrude

Suncor Energy purchased an additional five per cent interest in its crude oil joint venture Syncrude Canada, the company announced Monday.

Calgary-based Suncor increased its share to more than 58 per cent, up from just under 54 per cent, after making a $925-million deal to buy out Mocal Energy’s shares. Mocal is a subsidiary of Japan’s Mitsubishi Corp.

The deal reduces the ownership of Syncrude, an oil sands operator headquartered in Fort McMurray, Alberta, to four companies: Canadian companies Suncor and Imperial Oil, and Chinese-owned Nexen Oil Sands Partnership and Sinopec Oil Sands Partnership.

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Imperial Oil has a 25 per cent stake in Syncrude and Sinopec and Nexen have 9.03 per cent, and 7.23 per cent, respectively.  

Founded in 1978, Syncrude is one of the largest producers of synthetic crude oil in the world with a nameplate capacity of 350,000 barrels per day.