09 Mar Exxon Mobil sell $2.1bn Canadian gas stations
Exxon Mobil’s Canadian unit has announced a US$2.1 billion deal to sell its remaining company-owned gas stations in Canada.
Imperial Oil (TSX:IMO) said the deal will see 497 Esso-branded sites sold to five fuel distributors by the end of the year.
Alimentation Couche-Tard will take stations in Ontario and Quebec, 7-Eleven Canada will buy sites in Alberta and British Columbia, Harnois Groupe pétrolier for Quebec, Parkland Fuel sites in Saskatchewan and Manitoba while Wilson Fuel will buy in Nova Scotia and Newfoundland.
“We believe these agreements represent the best way for Imperial to grow in the highly competitive Canadian fuels marketing business,” Imperial CEO Rich Kruger said in a statement. “The Esso brand has a leading presence in Canada through our distributor network and strong prospects for continued growth to the benefit of our customers and shareholders.”
More than 1,700 Esso retail stations currently operate in Canada.