Imperial Oil Ltd., Canada's biggest gasoline refiner and retailer, is looking to sell the remaining 500 company-owned Esso-branded stations in its national network to private operators.

The Calgary company said late Wednesday it is "evaluating the potential transition of its remaining company-owned Esso retail sites to a branded wholesaler operating model" It also plams to evalue growth opportunities for the On the Run convenience store brand.

Under the branded wholesaler operating model, Imperial supplies fuel to independent third parties who own or operate the sites .

The move aims to attract more investment to help upgrade the gas station network and grow the Esso brand in Canada. It likely also reflects sagging oil prices, which have forced all oil companies to cut capital spending and find creative ways to finance new investment.

More than two thirds of Imperial's 1, 700 Esso-branded retail fuel sites in Canada operate under the branded wholesaler model. The remaining 500 sites are company-owned and will be part of this evaluation, which will include a non-binding bid process, which will begin in the coming weeks.

"Esso has a long, successful history as a leading retailer of high-quality fuels," said Brad Merkel, vice-president of fuels and lubricants at Imperial. "This evaluation will determine if strategic investments, through new business partnerships, can fuel further growth of the Esso brand in Canada."

Imperial said prospective buyers could include current or potential branded wholesalers who are aligned with Imperial's intention to continue to grow the Esso brand. The company said interested buyers may contact the Imperial retail evaluation team via e-mail at: essoassetinquiries@esso.ca.

Imperial is 70-per-cent owned by the world's biggest oil company, Texas-based ExxonMobil. It is Canada's largest oil refiner, a major oilsands and natural gas producer and supplier of petrochemicals. It employs about 5,300 people.

In Ontario, the company owns major refineries in Sarnia and Nanticoke, on the shores of Lake Erie.

Last summer, the company became the official fuel and convenience store supplier of the Toronto 2015 Pan Am/Parapan Am Games.

Imperial Oil looks to sell sell 500 company-owned Esso stations

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