Parkland Corp.’s Burnaby Refinery. Photo via Parkland Corp. website
CALGARY — Parkland Corp. says it will not go ahead with its plan to build a stand-alone renewable diesel complex at its refinery in Burnaby, B.C.
The company says it made the decision as it faced rising project costs, a lack of market certainty around emerging renewable fuels and legislation in the U.S. that advantages U.S. producers.
Parkland had announced a plan in May 2022 to build a stand-alone renewable diesel complex within its Burnaby refinery, capable of producing 6,500 barrels per day.
The company says it is still going ahead with its plan to expand co-processing of renewable fuel alongside traditional petroleum-based materials at the refinery to 5,500 barrels per day.
The announcement came as Parkland raised its quarterly dividend to 34 cents per share from 32.5 cents and reported a fourth-quarter profit of $69 million or 39 cents per diluted share on $8.72 billion in sales and operating revenue.
The result compared with a profit of $22 million or 15 cents per diluted share on $6.29 billion in sales and operating revenue in the fourth quarter of 2021.
This report by The Canadian Press was first published March 3, 2023.
Companies in this story: (TSX:PKI)
The Canadian Press
- 0079 Ministry of Energy Business_incentive PO0079 Ministry of Energy Business_incentive PO
- 0078 LHOS 20240078 LHOS 2024
- 0077 Caprice Resources Stand Up For Free Speech0077 Caprice Resources Stand Up For Free Speech
- 0053 Kingston Midstream Westspur Alameda0053 Kingston Midstream Westspur Alameda
- 0076 Latus only0076 Latus only
- 0073 SaskWorks-Pipeline Online0073 SaskWorks-Pipeline Online
- 0063 Turnbull Excavating hiring crusher0063 Turnbull Excavating hiring crusher
- 0061 SIMSA 2024 For Sask Buy Sask0061 SIMSA 2024 For Sask Buy Sask
- 0058 Royal Helium Steveville opens anonymous rocket0058 Royal Helium Steveville opens anonymous rocket
- 0055 Smart Power Be Smart with your Power office0055 Smart Power Be Smart with your Power office
- 0051 JML Hiring Pumpjack assembly0051 JML Hiring Pumpjack assembly
- 0049 Scotsburn Dental soft guitar0049 Scotsburn Dental soft guitar
- 0046 City of Estevan This is Estevan0046 City of Estevan This is Estevan
- 0041 DEEP Since 2018 now we are going to build0041 DEEP Since 2018 now we are going to build
- 0032 IWS Summer hiring rock trailer music
- 0022 Grimes winter hiring
- 0021 OSY Rentals S8 Promo
- 0018 IWS Hiring Royal Summer
- 0013 Panther Drilling PO ad 03 top drive rigs
- 0011
- 0006 JK Junior
- 0002 gilliss casing services0002 gilliss casing services
- 9002 Pipeline Online 30 sec EBEX9002 Pipeline Online 30 sec EBEX
- 9001