(Source: Canada Newswire)
MONTREAL, Aug. 28 /CNW Telbec/ - Ultramar Ltd. is pleased to announce it has entered into a 10-year terminalling agreement with Suncor Energy Inc. for access to the Metro-Depot North Toronto and Oakville product terminals for a combined capacity of 1.1 billion litres per year. The finalization of the agreements was subject to the approval of the Competition Bureau following a consent agreement that allowed the merger of Suncor and Petro-Canada.
"By providing long-term access to key terminals in the Greater Toronto Area, these agreements significantly enhance our competitive position and will allow us to continue growing our successful wholesale activities in that market" said Jean Bernier, President of Ultramar. "It will also allow us to optimize the transfer of refined fuels from our world-class Quebec refinery into Ontario via our access to the Trans-Northern Pipelines system between Montreal and Toronto".
"Over the years, Ultramar has grown its wholesale activities in Eastern and Southern Ontario by being a very competitive and reliable supplier for industrial customers and independent marketers" Bernier continued. "These new agreements will allow Ultramar to continue growing its operations in the key Greater Toronto market".
About Ultramar Ltd.
Ultramar Ltd., a subsidiary of Valero Energy Corporation (VLO on the New York Stock Exchange), owns and operates a refinery, whose current production capacity is 265,000 barrels of oil per day, at Levis near Quebec City. It markets gasoline and diesel fuel to a large group of industrial and wholesale customers and via a network of some 900 retail sales outlets and 85 cardlocks, in addition to selling home heating oil to about 140,000 customers. Headquartered in Montreal, Ultramar employs over 3,700 persons and its refining, distribution and retail sales networks contribute to supporting more than 10,000 jobs, making it one of the largest employers in Eastern Canada. For more information on Ultramar, visit the Company's website at http://www.ultramar.ca.
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