Irving oil buys four Nova Scotia fuel storage facilities, expands local network
East Coast firm to use newly-revitalized Halifax terminal to supply storage sites
HALIFAX—Irving Oil Ltd. has bought four fuel storage facilities across Nova Scotia from U.S.-based Valero Energy Inc.
The deal includes sites in Port Hawkesbury, New Glasgow, Yarmouth and Bridgewater, N.S. Together, the facilities have capacity to store approximately 21,000 barrels of gasoline, diesel and home heating oils.
Irving did not release the value of the deal, but said it expects it to close before the end of the year.
In October, the East Coast company announced it would invest $80 million to reopen its Halifax Harbour Marine Terminal after a 14-year closure, and now says the acquisition of the four storage facilities will allow it to create a network throughout mainland Nova Scotia.
Irving plans to use the revitalized Halifax terminal as the primary supply point for the four storage facilities.