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Parkland Corp. (OTCPK:PKIUF) said on Thursday it will not proceed with the planned renewable diesel complex at its Burnaby refinery in British Columbia, blaming the US Inflation Reduction Act in part. more competitive producers of renewable fuels.
“Various factors have affected the competitiveness of the renewable diesel complex, including rising project costs, market uncertainty around emerging renewable fuels, and the US Inflation Reduction Act of 2022. , which benefits US growers,” the company said.
The news was included in Parkland’s (OTCPK:PKIUF) fourth-quarter earnings report, which included company records for the fourth quarter and adjusted EBITDA of $455 million and $1.62 billion, respectively.
Parkland (OTCPK:PKIUF) also raised its quarterly dividend to $0.34/share from $0.325/share.
Parkland (OTCPK:PKIUF) shares have gained more than 2% year to date but have lost 12.5% over the past 12 months.