Global refinery market weakness hits Parkland Corp.’s Burnaby facility

A boat travels past the Parkland Burnaby Refinery on Burrard Inlet at sunset in Burnaby, B.C., on Saturday, April 17, 2021.has lowered its full-year earnings forecast as sluggish market conditions continue to take a bite out of margins at the company’s Burnaby, B.C. refinery.

He said this was in spite of Parkland’s Burnaby refinery operating smoothly, with a strong utilization rate. “In terms of the dynamics that are causing the crack spreads to come down, there is a period here where we’re seeing lots of supply, so the market is sloppy,” said Espey.For news impacting Canada and around the world, sign up for breaking news alerts delivered directly to you when they happen.

Espey said while he does believe the market will ultimately correct itself, he expects the challenging refinery market conditions to persist through the remainder of the year.BC NDP hold first caucus meetingBusiness Matters: 1 in 4 Canadians are spending more than $100 on Halloween, poll shows It attributed the lower forecast largely to due to the lower refining margins in the third quarter, as well as the unplanned outage that occurred at the Burnaby refinery in the first quarter of this year.Parkland’s Burnaby refinery, which the company acquired in 2017, is one of Canada’s only remaining West Coast refineries. It provides a quarter of the gasoline and diesel consumed in the province of B.C.

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