Deals
Chevron Sells Canadian Refinery, Gas Stations in $1.1 Billion Deal
- Parkland shares rise after $1.1 billion deal announced Tuesday
- Plan builds on earlier agreement to buy CST locations
Parkland CEO: Opportunities in Convenience Stores
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Parkland Fuel Corp. rose the most in almost eight months after agreeing to buy Chevron Corp.’s gas stations and refinery in British Columbia for about C$1.46 billion ($1.1 billion), a deal that secures its position as Canada’s largest fuel retailer.
The sale includes 129 retail service stations, 37 commercial cardlock and three marine fueling locations, Red Deer, Alberta-based Parkland said in a statement Tuesday. Parkland is also picking up a refinery in Burnaby, terminals throughout British Columbia and a wholesale business that provides aviation fuel to Vancouver International Airport.