Business
Imperial Oil evaluating the future of its Dartmouth Refinery
Assets are for sale while alternatives studied Options include conversion to...
About this update from Imperial Oil Limited
[{"type":"text","content":"\n\n\n\n\n\n\n\n\n\n\n\nAssets are for sale while alternatives studied\n\n\nOptions include conversion to terminal\n\n\nCare will be taken to meet the needs of customers, employees\n\n\nDARTMOUTH, NS, May 17, 2012 /CNW/ - Imperial Oil Limited is evaluating\n the future of its Dartmouth Refinery.\n\n\nThe company will market the refinery and related supply terminals to\n prospective buyers in the coming months and consider conversion to a\n terminal, as well as other alternatives.\n\n\n\"This is a difficult decision,\" said Bruce March, Chairman, President\n and CEO of Imperial Oil. \"We recognize the refinery's long history of\n supplying customers in this region and we know that these jobs are\n important to the community.  We are grateful of the relationship we\n have built with the community, our customers, and suppliers, and we\n recognize the potential for uncertainty that this evaluation may\n create. As this process moves forward, Imperial Oil will continue to\n service our customers' needs and is committed to providing general\n updates to our employees and the community.\n\n\n\"We hope to make a decision about the sale or other alternatives by\n first quarter 2013 depending on the response to marketing efforts. In\n the meantime,\" said Mr. March, \"safe, reliable, environmentally\n responsible operations remain our key focus.\"\n\n\nThe Dartmouth refinery operates in the highly-competitive Atlantic\n Basin, which is open to significant global competition. Demand for\n refined products in the basin has declined in recent years, and despite\n tremendous efforts by our workforce, the refinery has not met expected\n financial returns.\n\n\nThe refinery began production in 1918 and has throughput capacity of\n approximately 88,000 barrels per day. Approximately 200 employees and\n 200 contractors are employed at the refinery and related terminals. The\n refinery produces a wide range of petroleum products including\n gasoline, diesel, jet fuel, home heating fuel, marine fuel, heavy fuel\n oil and asphalt. The related terminals operate at Dartmouth, NS,\n Sydney, NS, Corner Brook, NL, Sept-Iles, QC and Cap aux Meules in the\n Magdalen Islands.\n\n\nImperial Oil is one of Canada's largest corporations and leading member\n of the country's petroleum industry. The company is a major producer of\n crude oil and natural gas,...