Chevron Corp. has agreed to sell the Burnaby refinery and gas stations in British Columbia to Parkland Fuel Corp. for about C$1.46 billion as Chief Executive Officer John Watson unloads assets.
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 also is picking up terminals throughout British Columbia and a wholesale business that provides aviation fuel to Vancouver International Airport.
The sale is part of Watson’s plan to raise as much as $10 billion from asset sales this year. The company has been marketing everything from Asian oil fields to African storage facilities to generate cash.
The Burnaby Refinery. Image: Chevron
For Parkland, the deal complements the 44 Chevron-branded sites it has in the province, and builds on the $750 million acquisition of CST Brands Inc.’s Canadian assets that it expects to complete this quarter.
Shares of San Ramon, California-based Chevron were little changed at $105.61 at 4:33 p.m. in late trading in New York. Parkland fell 0.7 percent to C$28.86 in regular trading in Toronto, before the stock was halted pending the announcement.
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