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Imperial Oil Sells 497 Esso Stations To Fuel Distributors For $2.8B
Chris Gordanee
Imperial Oil will sell 497 Esso retail stations to five fuel distributors in Canada for $2.8B, the company said this week. Distributors purchasing sites include Alimentation Couche-Tard for Ontario and Quebec stations, 7-Eleven Canada in Alberta and BC, Harnois Groupe pétrolier in Quebec, Parkland Fuel Corp in Saskatchewan and Manitoba, and Wilson Fuel Co for stations in Nova Scotia and Newfoundland. Imperial CEO Rich Kruger said the sale is the best way for Imperial (which will continue to supply fuel to the stations) to grow in the highly competitive Canadian fuels marketing business.
