For Immediate Release
|Title:||Parkland sets new low carbon fuel production record at its Burnaby Refinery and targets 125 percent annual production growth in 2021|
CaribPR Wire, CALGARY, Alberta, Feb. 17, 2021: Parkland Corporation (”Parkland”, “we”, the “Company”, or “our”) (TSX:PKI) today announced it co-processed approximately 44 million litres of Canadian-sourced canola and tallow bio-feedstocks in 2020 and aims to increase this to up to 100 million litres in 2021.
“Our Refinery is focused on delivering the essential fuels our customers depend on, but with lower carbon intensity,” said Ryan Krogmeier, SVP Supply, Trading, Refining and Health, Safety and Environment. “This is a made in Canada success story. We continue to ramp-up our use of Canadian bio-feedstocks and scale our innovative co-processing capabilities. In addition to providing our British Columbia customers with low carbon gasoline, diesel and jet fuel, we are growing a competitive advantage that will win new business and drive organic growth.”
Our Burnaby Refinery was the first facility in Canada to use existing infrastructure and equipment to co-process bio-feedstocks such as canola oil, and oil derived from animal fats (tallow) alongside crude oil to produce low carbon fuels. The resulting co-processed low carbon fuels have less than one eighth of the carbon intensity of conventional fuels.
A trajectory of co-processing growth
Underpinned by our commitment to a lower carbon future, low capital investments and work completed during the Refinery turnaround in 2020, we co-processed approximately 44 million litres of Canadian-sourced canola and tallow bio-feedstocks in 2020, marking an almost 140 percent increase from 2019.
In 2021, we aim to co-process up to 100 million litres of bio-feedstocks and offer our customers a variety of low carbon fuels, including an up to 15 percent renewable content diesel. The annual environmental benefit of producing our low carbon fuels in 2021 is expected to be the equivalent of taking over 80,000 passenger vehicles off the road.
We look forward to partnering with Government and Industry to expand our low carbon fuel capabilities and help position Canada and British Columbia to meet its low carbon commitments and become global leaders in low carbon technologies.
About Parkland Corporation
Parkland is an independent supplier and marketer of fuel and petroleum products and a leading convenience store operator. Parkland services customers across Canada, the United States, the Caribbean region and the Americas through three channels: Retail, Commercial and Wholesale. Parkland optimizes its fuel supply across these three channels by operating and leveraging a growing portfolio of supply relationships and storage infrastructure. Parkland provides trusted and locally relevant fuel brands and convenience store offerings in the communities it serves.
Parkland creates value for shareholders by focusing on its proven strategy of growing organically, realizing a supply advantage and acquiring prudently and integrating successfully. At the core of our strategy are our people, as well as our values of safety, integrity, community and respect, which are embraced across our organization.
Forward Looking Statements
Certain statements contained in this news release constitute forward-looking information and statements (collectively, “forward-looking statements”). In particular, this news release contains forward-looking statements with respect to, among other things: Parkland’s 2021 target for co-processing bio-feedstocks at the Burnaby Refinery; the expected environmental benefit of Parkland’s co-processing bio-feedstock in 2021; Parkland’s continued development and advancement in lower carbon intensity fuels and technologies; and the benefits Parkland expects from advancing its co-processing technologies, including potential new business and organic growth.
These statements involve known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward-looking statements. No assurance can be given that these expectations will prove to be correct and such forward-looking statements included in this news release should not be unduly relied upon. These forward-looking statements speak only as of the date of this news release. Parkland does not undertake any obligations to publicly update or revise any forward-looking statements except as required by securities law. Actual results could differ materially from those anticipated in these forward-looking statements as a result of numerous risks and uncertainties including, but not limited to, general economic, market and business conditions; the ability of suppliers to meet commitments; unexpected delays or refinery shutdowns that affect Parkland’s ability to achieve its bio-feedstock co-processing targets in this press release; actions by governmental authorities and other regulators; changes and developments in regulations; and other factors, many of which are beyond the control of Parkland. See also the risks and uncertainties described in “Forward-Looking Information” and “Risk Factors” included in Parkland’s Annual Information Form and in “Forward-Looking Information” and “Risk Factors” in Parkland’s quarterly and annual MD&A, each as filed on SEDAR and available on the Parkland website at www.parkland.ca.