Suncor Energy Inc. says it has decided to keep its Petro-Canada retail business after a comprehensive review that included what it would mean to sell the operations.

The company says instead it will look to improve its retail operations including expanding strategic partnerships in non-fuel related businesses such as quick service restaurants, convenience stores, loyalty partnerships and energy transition offerings.

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Suncor undertook a review of Petro-Canada after reaching a deal with activist investor Elliott Investment Management LP, which had expressed frustration with the company's performance.

The process included an analysis of the business, including an assessment of the value of Suncor's integrated model, studies of the future of retail in Canada and Petro-Canada's growth plans. 

Suncor says the board also reviewed preliminary indications of interest in the retail business.

Suncor chair Mike Wilson says the company's board concluded that keeping and optimizing the retail business will generate the highest long-term value for shareholders.