Thank you.
These are never easy decisions, and I hope you can see how thorough we have been during this process.
We are very proud of our 77 years of operating the Montreal East refinery and have always strived to safely provide top-quality petroleum products to our customers. Unfortunately, we could not justify the significant costs required to safely operate the facility as a refinery in the future, and potential buyers likely had similar concerns and so were unwilling to make the investment needed.
As explained, we recognize how difficult this is for the employees of the refinery and their families. Substantial efforts have been made, and a thorough process was undertaken to market the refinery to potential purchasers during the past year. The refinery requires a significant capital investment in order to continue operating in a competitive and safe manner. Despite the fact that more than 100 potential purchasers were contacted, and efforts were undertaken for a year, no offers were made.
I hope this information has helped put our decision in a clearer and more informed context for you today.
Thank you.