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Imperial Oil converting Nova Scotia refinery to terminal operation
HALIFAX – The Imperial Oil refinery in Halifax is being converted into a terminal operation.
The company says in a news release today that it couldn’t find a buyer for the facility after searching for a year.
Rich Kruger, the chief executive of Imperial Oil (TSX:IMO), says the conversion to a terminal operation shows the challenges of operating a refinery in competitive conditions.
The news release says the conversion is planned for later this year, depending on the progress of the modifications.
About 200 employees and 200 contractors work at the refinery and related terminals in the Halifax, Sydney, N.S., Corner Brook, N.L., Sept-Iles, Que. and Cap aux Meules in the Magdalen Islands.
The refinery began production in 1918 and has a capacity of about 88,000 barrels a day.
A non-recurring after-tax charge of between $260 million and $280 million is expected to be included in Imperial Oil’s second quarter reported financial results.
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