Irving Oil Announces Expansion of its Terminal Network in Nova Scotia

Source Press Release
Company Irving Oil 
Tags Asset Deals, Deals, LNG & Gas Storage/Processing
Date December 05, 2016

Acquisition of four storage facilities will strengthen energy supply and delivery across the province

Irving Oil announced today that it has entered into a purchase agreement to acquire four inland storage facilities in Nova Scotia from Valero Energy Inc. The storage facilities are located in the communities of Port Hawkesbury, New Glasgow, Yarmouth and Bridgewater and represent a combined capacity of nearly 21,000 barrels of gasoline, diesel and home heating oils. The agreement is expected to close before the end of the year.

The acquisition will help facilitate Irving Oil's distribution of energy products to customers throughout Nova Scotia, using the newly revitalized Halifax Harbour Marine Terminal as a primary supply point.

"Nova Scotians need a reliable supply of energy they can count on in order to do business and take care of their families," says Mark Sherman, Chief Operating Officer for Irving Oil. "After an $80-million investment to reopen the Halifax Harbour Terminal, we're proud to invest in our backyard in Nova Scotia, creating a network that will enhance our offerings to our customers in the region."

"Irving Oil has proudly served Nova Scotia for more than 80 years," says Louis Labelle, Director of Delivered Energy for Irving Oil. "This investment reflects our confidence in, and long-term commitment to, Nova Scotiaand all of Atlantic Canada as we continue to ensure a safe, secure and reliable energy supply to the region."

Source: EvaluateEnergy® ©2019 EvaluateEnergy Ltd