MONTREAL, Jan. 16 /CNW Telbec/ - Pétromont and Company, Limited
Partnership announced today the permanent shutdown of operations at its plants
in Varennes and Montréal. Pétromont's operations had been suspended for an
indefinite period on April 30, 2008.
In light of Pétromont's highly problematic and irreversible financial
situation, the Company's limited partners, Société générale de financement du
Québec (SGF) and Dow Chemical Canada ULC, have approved this decision.
In recent years, Pétromont has been hit hard by several unfavourable
factors, including the strong Canadian dollar and persistent difficulty in
obtaining petroleum-based feedstock at competitive prices. These factors have
had a major and decisive impact on the Company's profitability and have been
accentuated by the unfavourable conditions affecting the petrochemical sector
across North America. Despite sustained efforts by Pétromont and its limited
partners, it was not possible to rectify the situation.
The petrochemical facilities are in a hydrocarbon and gas-free state and
do not present any risk in the communities where the facilities are located.
Pétromont has always demonstrated in the communities where it operates
its commitment to responsible care management. Pétromont will maintain during
the dismantlement process of its facilities this continuum with citizens,
communities, and the respect of the environment.
For further information:
For further information: Pétromont: Louis A. Rail, Pétromont Inc., (514)