Greenergy Fuels Canada has bought all the shares in a Canadian fuel marketer and terminal operator.
The acquisition of Canadian Operators Petroleum (CAN-OP's) in Thunder Bay, Ontario, gives Greenergy an additional import and distribution location in the growing Ontario fuels market.
CAN-OP's operations include a petrol and distillate wholesale business and a wholly-owned petroleum storage and supply facility, Wascan Terminals. This terminal infrastructure is rail-fed, allowing for efficient integration into existing Greenergy supply chains.
The company plans to upgrade and expand the terminal over the next 18 months. This investment will make fuel supply more reliable and competitive in the region.
Mike Healey, director, Greenergy Fuels Canada, says: 'Our new presence in Northern Ontario continues our Canadian expansion and establishes Greenergy in a region poised for economic growth and at the centre of a key petroleum supply/trading intersection between Western Canada, the US Midwest and Southern Ontario.'
The transaction is expected to close by the end of October 2017.
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