Parkland Fuel Corp. said Thursday its Burnaby, B.C. refinery is not for sale, even in the face of pressure from an activist investor.
The Calgary-based fuel retailer and convenience store operator has been the subject of a campaign by U.S.-based Engine Capital LP, which owns about a two per cent stake in Parkland.
But in a conference call with analysts held just prior to that annual meeting, Parkland CEO Bob Espey said the company has completed a detailed review of strategic alternatives for the Burnaby refinery, and a sale is not in the cards. Parkland purchased its Burnaby refinery – which refines 55,000 barrels per day of crude and synthetic oil into gasoline, diesel, jet fuels and more – from Chevron Canada for $1.5 billion in 2017.
Instead of selling the refinery, Espey said Parkland instead has plans to generate up to $500 million by divesting what it calls"non-core assets."
Philippines Latest News, Philippines Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Canadian Tire, Petro-Canada to partner up on gas stations and rewards programs - BNN BloombergCanadian Tire Corp. Ltd.'s more than 200 retail fuel sites will be rebranded under Petro-Canada in a new partnership between the retailer and the fuel brand.
Read more »
Burnaby mayor participating in 2023 Greater Vancouver Food Bank challengeHurley raised more than $86,000 and finished third in the 2022 event.
Read more »
Mountie who stopped man from lighting Burnaby gas station on fire earns policing awardBurnaby RCMP Const. Karanjit Dulay and RCMP Sgt. Brett Cunningham were recognized for 'meritorious service' at the 39th annual Police Honours Night in Victoria last month.
Read more »
Enjoy a feast with these Mexican deals in Burnaby this Cinco De MayoWho doesn’t love Mexican food?
Read more »
Unlock the answers to life's biggest questions with Burnaby author's debut bookFrom how to launch your Oscar campaign to faking your own death, Ryan Murphy’s book has it all.
Read more »
Burnaby housing prices see yet another increasePrices have increased for the third straight month.
Read more »