Parkland Fuel Corp., has announced the closing of its acquisition of Chevron Canada R & M ULC, which operates a downstream fuel business in British Columbia (BC) and Alberta.
“This acquisition provides Parkland with British Columbia’s strongest fuel marketing business and will make Parkland the exclusive distributor of Chevron-branded fuels. With this acquisition, Parkland is also acquiring the Burnaby Refinery, a proven asset that directly supports our core fuel marketing business in an important region, and enhances our supply advantage,” said Bob Espey, President and CEO of Parkland. “We are extremely pleased to welcome the Chevron Canada refining and marketing employees to the Parkland team. We believe in and are committed to investing in these assets, and the local employees who will help us grow in BC and beyond.”
The acquisition includes:
- 129 Chevron-branded retail service stations, principally located in the Greater Vancouver area.
- 37 commercial cardlock locations in BC and Alberta.
- Three terminals located in Burnaby, Hatch Point, and Port Hardy, BC.
- A 55 000 bpd light/sweet crude refinery, located in Burnaby, BC.
Parkland will update its 2017 adjusted EBITDA guidance with the release of its 3Q17 financial results.
Read the article online at: https://www.hydrocarbonengineering.com/refining/02102017/parkland-acquires-chevron-canada-downstream-assets/