Canadian oil and natural gas company Irving Oil has entered into an agreement to acquire four inland storage facilities located in Nova Scotia from Valero Energy.
The acquired storage facilities are situated at Port Hawkesbury, New Glasgow, Yarmouth and Bridgewater. The combined strength of these four facilities is around 21,000 barrels of petrol, diesel and home heating oils.
The agreement is expected to be closed by the end of this year.
With this acquisition, Irving Oil expects to improve the distribution of its energy products across Nova Scotia. The company intends to use the refurbished Halifax Harbour Marine Terminal as its primary supply point for the task.
Irving Oil chief operating officer Mark Sherman said: “Nova Scotians need a reliable supply of energy they can count on in order to do business and take care of their families.
“After an $80m 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’s delivered energy director Louis Labelle said: “Irving Oil has proudly served Nova Scotia for more than 80 years.
"This investment reflects our confidence in, and long-term commitment to, Nova Scotia and all of Atlantic Canada as we continue to ensure a safe, secure and reliable energy supply to the region.”
Founded in 1924, Irving Oil operates as an international refining and marketing company. It owns New Brunswick, one of the largest refinery of Canada, and Ireland’s sole refinery located at Whitegate.