Chevron sells Canadian downstream fuel business

Chevron Corp., a large US-based oil company, recently sold its Canadian gasoline stations and refinery in British Columbia to Parkland Fuel Corp., a marketer of petroleum products, for CAN $1.46 billion (USD $1.09 billion).

The assets include 129 gasoline stations, three terminals and the Burnaby oil refinery, located east of Vancouver. The refinery can process 52,000 barrels of oil a day.

The acquisition adds scale to Parkland and gives the company “significant supply infrastructure and logistics capability to support Parkland’s existing operations,” said Parkland Chief Executive Officer, Bob Espey.

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