The following statement was issued today by Walter Noel, Minister of Mines and Energy. It was also read in the House of Assembly:

North Atlantic Refining Ltd�s purchase of Petro-Canada�s retail business

I wish to congratulate North Atlantic Refining Limited (North Atlantic) on their purchase of 40 Petro-Canada service stations throughout Newfoundland and Labrador. It is good to see a local company which employs over 700 Newfoundlanders and Labradorians in the province experience such significant growth.

Today�s announcement provides North Atlantic with a greater market share of provincial retail petroleum sales. This growth will be distributed in rural and urban Newfoundland and will expand upon the company�s home heat, propane, marine diesel, and jet fuel markets. Each year North Atlantic generates in excess of $140 million to the local economy. This expansion will only help that number grow and will strengthen and diversify their operations in the province.

It is very encouraging to witness the business partnerships between our local companies, and the national and international investment community. Petro-Canada is a major investor in our offshore petroleum industry, and remains committed to the Hibernia, Terra Nova and White Rose projects. Petro-Canada is also continuing with their exploration programs offshore Newfoundland, and are a partner in the Hebron/Ben Nevis project. I wish to commend Petro-Canada for their continuing commitment to this province.

Once again I wish to congratulate North Atlantic and Petro-Canada on reaching this mutually beneficial business deal. Strong local companies will ensure that our economy grows and remains vibrant.

2003 05 01                                        2:15 p.m.