Suncor having a lot of ‘fun’ seeking new ways to deliver fuel around the globe: CEO

Suncor, the oilsands giant, reported a surge in exports of refined products, up 80% this year, as it discovers unconventional methods to deliver fuel to markets worldwide, grappling with supply disruptions from Russia and the Middle East. CEO Rich Kruger expressed that finding alternative ways to sell products like diesel and jet fuel internationally, once deemed a last resort, has become highly valuable due to acute shortages.

The company has secured nine time charters, allowing it to transport crude or high-demand products made from it, at rates secured before a rise in global freight costs. Suncor has successfully exported 75,000 barrels a day of refined product year-to-date, with third-quarter sales hitting a record 677,000 barrels a day. The company's focus has shifted towards its core oilsands business, as evidenced by the sale of its interest in three offshore oil developments to U.K.-based Ithaca Energy PLC for $1.2 billion.