(Resends with correct story.)
Houston, 17 May (Argus) — Imperial Oil is considering the sale or closure of its 89,000 b/d refinery in Dartmouth, Nova Scotia, in the northern edge of the embattled Atlantic basin refining market.
The refinery has “not met expected financial returns” and the company will consider “sale or other alternatives by the first quarter of 2013,” the company said this morning.
“As this process moves forward, Imperial Oil will continue to service our customers' needs and is committed to providing general updates to our employees and the community,” according to chief executive Brian March.
Major refiners have warned the Atlantic basin has 6mn-7mn b/d too much capacity. Fading product demand, lower complexity refineries and restricted access to the cheapest crudes have pressured refineries on both sides of that basin in Europe and along the Canadian and US east coasts.
Send comments to feedback@argusmedia.com
eb/ljc 3.0
If you would like to review other ArgusMedia.com content options, request more information about Argus' energy news, data and analysis services.
Copyright © 2012 Argus Media Ltd - www.ArgusMedia.com - All rights reserved.
