CALGARY — Two Canadian oil giants have come together in a $43.3 billion merger.

Petro-Canada and Suncor say the merger will help them ride through current economic struggles, which have arguably affected oil prices as much as products in any other sector. The deal is expected to save them as much as $300 million.

Both Suncor and Petro-Canada have held off on massive oilsands projects due to lower commodity prices and the growing North American recession.

The new company will operate and trade under the Suncor name with existing Petro-Canada shareholders holding a 40 percent stake in the venture. Current Suncor shareholders receive a share in the new venture for each Suncor share they own, while investors who own Petro-Canada stock will receive 1.28 shares of the new company for each share they hold, according to Canadian Press.

The new operation will produce 7.5 billion barrels of oil equivalent per day in proved and probable reserves.

"This merger creates a made-in-Canada energy leader with the assets, cost structure and financial strength to compete globally," said Rick George, Suncor’s current chief executive and prospective head of the joint venture. "The combined portfolio boasts the largest oil sands resource position, a strong Canadian downstream brand, solid conventional exploration and production assets, and low-cost production from Canada’s east coast and internationally."

The deal is subject to regulatory and shareholder approval.

Some also see the merger as the final chapter to the public-controlled entity created from former British Petroleum Canada dealers by Pierre Trudeau to gain control of Alberta’s oil sector.