Newfoundland and Labrador-based company expands footprint by buying
former Imperial Oil asset
LEWISPORTE, NL, Dec. 8 /CNW/ - Newfoundland and Labrador-based Woodward's Oil Limited has purchased the Lewisporte fuel terminal from Imperial Oil.
The transaction is scheduled to close on April 1, 2010, after which Woodward's will own and operate the wholesale fuels terminal at 114 Main St. Lewisporte.
"The Woodward Group of Companies is delighted about adding a significant business interest in its home province," said Peter Woodward, vice-president of Woodward's Oil Limited. "We are looking forward to the completion of the transaction and towards significantly expanding our operations in the Lewisporte area."
The Lewisporte facility is a marine-supplied distribution terminal for a variety of important fuel products, such as gasoline, diesel, jet fuel and home heating fuel. Products are stored on the property in bulk tanks.
A strategic fuelling facility for transatlantic flyers during the Second World War, the facility later served as the main supplier of fuel for aircraft landing at Gander.
Town of Lewisporte Mayor Brian Peckford welcomes Woodward's expansion of its business interests in the community.
"The town of Lewisporte is very pleased by this announcement and is fully supportive of both parties' decision," Peckford said. "This is a win-win-win situation and we look forward to working with the Woodward Group."
The Lewisporte facility was the subject of an environmental upgrade program, carried out by Imperial Oil in the late-1990s, that included upgrades to the tanks, piping, pumping and water treatment facilities.
Imperial Oil, which has operated in Lewisporte since 1938, will continue to operate its retail (Esso service stations), lubes and specialties and commercial and wholesale businesses in Newfoundland. The company remains committed to these businesses. As well, Imperial is active in the Orphan Basin with offshore exploration activities that benefit the province.
"Imperial is committed to working with Woodward's to ensure a smooth transition and the company thanks its valuable customers and the community of Lewisporte for many years of patronage and support," said Alisdair Hutchinson of Imperial Oil.
Woodward's Oil Limited, a division of the privately held Woodward Group of Companies based in Happy Valley-Goose Bay, Labrador, operates a wholesale, retail, storage and distribution network for refined petroleum products throughout eastern and northern Canada. They also own and operate a fleet of Canadian flagged marine tankers that provide an integrated marine supply and distribution service to their customer base.
Imperial Oil is one of Canada's largest corporations and a leading member of the country's petroleum industry. It is one of the country's largest producers of crude oil and natural gas, is the largest petroleum refiner, and has a leading market share in petroleum products sold through a coast-to-coast supply network that includes about 1,900 service stations.
SOURCE Imperial Oil Limited
For further information: For further information: Peter Woodward, Woodward Group of Companies, Happy Valley-Goose Bay, NL, (709) 896-6560; Jon Harding, Public Affairs Advisor, Imperial Oil, (403) 237-2710