CALGARY, Alta. — Oil and gas giants Petro-Canada and Suncor Energy have agreed to a merger.

The two companies jointly announced the merger yesterday. Upon completion of the deal, the two companies will operate under the Suncor name, while maintaining the brand presence of Petro-Canada in refined products, according to a statement.

“This merger creates a made-in-Canada energy leader with the assets, cost structure and financial strength to compete globally,” said Rick George, president and CEO of Suncor. “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.”