April 15, 2013 [OPIS] - Irving Oil said on Friday that it has acquired an equity share in Norcan Petroleum Group owner of the Norcan Terminal in Montreal.
Irving Oil will partner with La Coop federee and MacEwen Petroleum Inc. Irving did not reveal financial details of this equity acquisition.
This investment in the terminal represents an additional secure supply point for Irving Oil customers.
Irving Oil operates Canada’s largest refinery, in Saint John, New Brunswick, which is located 65 miles north of the U.S. border and has reached production rates in excess of 300,000 b/d. The refinery exports over 80% of its production to the U.S. and accounts for 75% of Canada’s gasoline exports to the U.S. and 19% of all U.S. gasoline imports.
The Norcan marine terminal is located in Montreal East with pipeline access to the Saint Lawrence River. The terminal has a long history dating back to 1932 of servicing customers with gasoline and distillate products year-round.
The terminal has a storage capacity of 1.3 million bbl. Norcan also leases storage facilities in the Port of Quebec City to supply a full range of petroleum products to customers.
