oil

Imperial Oil to Shutter Eastern Canadian Refinery

ExxonMobil failed to find a buyer for struggling facility.

OTTAWA - ExxonMobil (IW 500/1) subsidiary Imperial Oil announced Wednesday that it would shutter its only oil refinery on Canada's Atlantic Coast after failing to find a buyer for the struggling century-old facility.

The company noted a "very difficult business market" as the reason for its decision, adding in a statement: "Despite interest in the refinery assets over the past year, Imperial was unable to attract a buyer to continue operating the refinery."

The facility began operations in 1918, refining as much as 88,000 barrels of oil per day, and employed some 400 people.

The refinery will be converted into a terminal operation, the company said.

Copyright Agence France-Presse, 2013

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