Americas News
Chevron Sells Three Marine Fuelling Stations Under Deal with Parkland
Alberta-based Parkland Fuel Corporation (Parkland) Tuesday announced that it has signed an agreement with Chevron Canada Limited (CCL) for the acquisition of all of the shares of Chevron Canada R&M ULC - an operator of CCL's Canadian integrated downstream fuel business, which includes three marine fuelling stations in Vancouver.
Under the agreement, which is still subject to closing conditions, Parkland is set to pay CCL CAN $1.46 million ($1.1 million) for the sale, as well as a further estimated $186 million in working capital for the acquired business.
"This accretive acquisition further strengthens our supply-focused business model and adds significant scale with the premier Chevron retail brand and network in British Columbia," said Bob Espey, President and CEO of Parkland.
"Parkland is acquiring a highly integrated business which adds significant supply infrastructure and logistics capability to support Parkland's existing operations."
In addition to the marine fuelling stations, the acquisition includes 129 Chevron-branded retail service stations, 37 commercial cardlock locations, a refinery in Burnaby, and a wholesale business that involves the sale of aviation fuel to the Vancouver International Airport.
