Chevron Sells Canada Refinery, Gas Stations in $1.1 Billion Deal

(Bloomberg) — Chevron Corp. agreed to sell the Burnaby refinery and gas stations in British Columbia to Parkland Fuel Corp. for about C$1.46 billion ($1.1 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. 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.

–With assistance from Joe Carroll

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