Irving Oil Announces Investment in Montreal’s Norcan Terminal

abarrelfullabarrelfull wrote on 12 Apr 2013 13:21
Tags: canada downstream irving n-america

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Irving Oil announced today 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 fédérée and MacEwen Petroleum Inc. This investment in the terminal represents an additional secure supply point for Irving Oil customers.

“We’re very pleased to announce this new partnership with La Coop fédérée and MacEwen Petroleum Inc,” said Jonathan McKenzie, Irving Oil. “Our investment in this terminal fits well with our current growth strategy and we look forward to the opportunities this strategic partnership will represent for us and our customers in the future.”

Garry Garcin, President of Norcan Petroleum Group and its subsidiary Terminal Norcan said we will be in an excellent position to fully maximize our operational efficiencies to the benefit of all of our stakeholders.

The Norcan marine terminal is strategically 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 barrels. Norcan also leases storage facilities in the Port of Quebec City to supply a full range of petroleum products to customers.

Allan MacEwen, President of MacEwen Petroleum Inc. said, "We are thrilled to welcome Irving Oil as a partner in Norcan. Irving Oil brings a wealth of synergies to the partnership and we are confident in this major step forward for Norcan, Irving Oil, our customers and stakeholders.”

Gaétan Desroches, Chief Operating Officer, said on behalf of La Coop fédérée, "The Norcan terminal today is a core component of our strategy acting as an important hub where the ingredients of many of our green fuels are amalgamated. This partnership with Irving Oil, a well-known partner, fits very well with our vision and will definitely make Norcan stronger both strategically and operationally.”

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