CA - Parkland nixes planned renewable diesel project citing U.S. law

Parkland Corp. ( OTCPK:PKIUF ) said Thursday it will not proceed with the planned renewable diesel complex at its Burnaby refinery in British Columbia, partially blaming the U.S. Inflation Reduction Act, which the company said will make American renewable fuel producers more competitive.

"Several factors have impacted the competitiveness of the renewable diesel complex, including rising project costs, a lack of market certainty around emerging renewable fuels and the U.S. Inflation Reduction Act of 2022, which advantages U.S. producers," the company said.

The news was included in Parkland's ( OTCPK:PKIUF ) Q4 earnings report, which included company records for Q4 and full-year adjusted EBITDA of $455M and $1.62B, respectivley.

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% so far this year but lost 12.5% during the past 12 months .

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