Parkland Fuel Corp. (TSX: PKI) has expanded its presence in the United States.
The Red Deer-based fuel distribution and marketing company announced on Tuesday that it’s acquiring five retail sites in North Dakota. The purchase agreement, which was made through Parkland’s subsidiary SPF Energy Inc., involves locations in the Bismarck and Dickinson areas of the state. These are expected to add approximately 24.6 million litres annually to Parkland’s fuel sales volumes.
“This acquisition continues our growth in North Dakota, complements our growth strategy, and leverages our platform in the United States,” said Bob Espey, president and CEO of Parkland.
Parkland also reported on the status of its pending acquisition of the assets Pioneer Energy. It and Pioneer Energy are still obtaining the consents and approvals required to close the deal, said Parkland, with most of these already obtained or are expected during the second quarter of 2015.
Parkland is one of North America’s fastest growing distributors and marketers of fuels and lubricants.