Imperial oil sheds Esso retail stations
CALGARY, March 9, 2016 – Imperial Oil has sold its remaining Esso fuelling stations in Canada, the country’s integrated energy company announced on Wednesday, having reached agreements with five distributors. The 497 fuel stations represent a value of USD 2.8 billion.
Convenience store operator Alimentation Couche-Tar will take over 279 retail stations across Ontario and Quebec in a deal valued at USD 1.69 billion. The 148 pumps in Alberta and British Columbia will be acquired by 7-Eleven Canada, while Harnois Groupe pétrolier will buy Quebec’s 36 stations. Nova Scotia independent Wilson Fuel Company and Parkland Fuel Corporation will purchase 17 retail stations each.
Majority owned by ExxonMobil, Imperial Oil expects the separate deals to be concluded by year-end 2016. “We believe these agreements represent the best way for Imperial to grow in the highly competitive Canadian fuels marketing business,” Imperial CEO Rich Kruger.
For more news and information on the oil and gas industry in Canada, click here.