Canada's Chemtrade completes Montreal East sale to Suncor

17 July 2014 18:41 Source:ICIS News

HOUSTON (ICIS)--Chemtrade Logistics has completed the sale of its Montreal East sulphur removal and compliance services business to Suncor for $120m, the Toronto-based sulphur and sulphuric acid marketer announced on Thursday.

The Montreal East business only services Suncor’s Montreal refinery. Chemtrade acquired the operation in 2011, and will realise a gain of approximately $24m on the sale.

The net proceeds will be used to reduce debt.

Chemtrade will continue to market the sulphur and sodium bisulphite produced at the Montreal refinery.

Chemtrade expected the deal to close in June. No reason for the delay was given.

Suncor is one of the leading sulphur producers in Canada and is one of the owners of the Syncrude joint venture.

Chemtrade is one of the leading sulphur and sulphuric acid suppliers in North America through its own production and long-term marketing and distribution agreements.

By David Tonyan