B.C. refinery’s 8-week shutdown should have no ‘material impact’ on gas prices: Parkland

The refinery that is a solitary internal tradesman of engine fuel in B.C.’s Lower Mainland is being scheduled for an eight-week upkeep shutdown early subsequent year, though owners Parkland Fuel Corp. says it is holding measures to keep prices during a siphon in check.

The 55,000-barrel-per-day Burnaby, B.C., refinery is putting fuel in storage to be drawn on during a outage though that won’t be adequate to final for a whole duration, pronounced Dirk Lever, vice-president for refining, on a discussion call Tuesday.

But he pronounced formulation is underway to source serve supply from other refineries to make adult for a shortfall.

“We have a satisfactory volume of formulation to do traffic with other refineries in sequence to source supply as we’re down,” Lever said.

“More element to siphon prices on a West Coast are random outages, rather than designed outages. So, a fact this is a designed outage and has been orchestrated forward of time, it should not have a element impact during a pump.”

Gasoline and diesel prices have been a prohibited subject in B.C.

A open exploration resolved in Aug that there’s an unexplained disproportion of 13 cents per litre between Metro Vancouver and Seattle that is costing drivers on a Canadian side of a limit scarcely $500 million a year.

But it also found no justification of collusion among a companies — including Parkland — that supply and marketplace fuel.

Premier John Horgan systematic a open exploration final May as prices for regular gasoline reached a record-breaking $1.70 per litre in a Vancouver region.

Supply and demand

Parkland’s down time shouldn’t outcome in aloft prices since there has been sufficient credentials time, pronounced marketplace viewer Michael Ervin, comparison vice-president with consulting organisation Kent Group, on Tuesday.

He pronounced prices are generally aloft in a Vancouver area since of supply and demand.

B.C.’s other fuel refinery, a 12,000-barrel-per-day facility in Prince George, was recently sole by Husky Energy Inc. to Tidewater Midstream and Infrastructure Ltd.

Shares in Calgary-based Parkland, Canada’s largest eccentric fuel marketer, jumped by scarcely 5 per cent early Tuesday after it increasing a 2019 superintendence on a behind of third-quarter practiced gain that kick researcher expectations.

The company, that sells gasoline and diesel underneath brands including Fas Gas, Chevron, Esso, Ultramar and Pioneer, and operates On The Run preference stores in Canada, pronounced it now expects a practiced gain in 2019 before interest, taxation, debasement and amortization will be $1.24 billion, adult $75 million from a prior forecast.

The association reported third-quarter net gain of $26 million, down from $49 million in a year-earlier period, with a trip especially attributed to an boost in seductiveness on long-term debt relating to a squeeze early this year of Caribbean fuel tradesman Sol.

It reported practiced EBITDA of $302 million in a 3 months ending Sept. 30, adult from $200 million in a same duration of 2018, as income jumped to $4.6 billion from $3.8 billion.

Article source: https://www.cbc.ca/news/canada/british-columbia/parkland-refinery-burnaby-bc-gas-prices-1.5349648?cmp=rss