Canadian oil group Imperial Oil has reached agreements with five fuel distributors in Canada to sell its remaining 497 company-owned Esso retail stations for a total amount of about C$2.8bn (US$2.1bn).
Retail stations in Ontario and Quebec (279 stations) will be sold to Alimentation Couche-Tard, those in Alberta and British Columbia (148 stations) to 7-Eleven Canada, those in Quebec (36) to Harnois Groupe Pétrolier, those in Saskatchewan and Manitoba (17) to Parkland Fuel and those in Nova Scotia and Newfoundland (17) to Wilson Fuel. The sales are anticipated to close by year-end 2016, subject to regulatory approvals.
Imperial Oil, which is majority owned by ExxonMobil, operates 1,700 Esso-branded retail fuel sites in Canada, with two thirds operating under the branded wholesaler model. The remaining 497 sites are company-owned and will no be operated under the wholesaler model.
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