Chevron Corp (CVX)

[eFinanceMarkets]

Chevron sells downstream fuel business to Parkland Fuel for $1.1B

Chevron (NYSE:CVX) agrees to sell its Canadian downstream fuel business to Parkland Fuel (OTCPK:PKIUF) for C$1.46B (US$1.1B) plus ~C$186M towards working capital for the acquired business.

The acquired assets include 129 CVX retail service stations mostly located in the Vancouver metro area; 37 commercial cardlock and three marine fueling locations; a complimentary refinery in Burnaby and three associated terminals in B.C.; and a wholesale business which includes aviation fuel sales to the Vancouver airport.

Parkland says the deal secures its position as Canada's largest fuel retailer by site count, with more than 1,800 service stations.