Calgary, AB, July 09, 2019 (GLOBE NEWSWIRE) -- The Opportunity Calgary Investment Fund (“OCIF” or “the Fund”) today announced Parkland Fuel Corporation will receive up to $4 million to consolidate its national operations, including the creation of 270 new fulltime jobs in Calgary.



In total, the funding from OCIF will support the relocation, retention, or creation of 430 permanent fulltime head office jobs with the company in Calgary. More than 200 of those jobs will be in information technology (IT) or finance.



“Growing our financial services and technology sectors is critical to our economic strategy, Calgary in the New Economy. With this investment through OCIF, Parkland will be able to grow their business, create more jobs here in our city and realize their full potential,” said Calgary Mayor Naheed Nenshi, who is a member of the OCIF Board.



As part of its office consolidation, Parkland will take up almost 100,000 sq. ft. of additional office space in downtown Calgary by January 2020.



“As a Canadian company, we are proud to be expanding our footprint and employee base in Calgary and welcome the support of the Opportunity Calgary Investment Fund. Our investment reflects our commitment to the city, and we expect that our people will bring tangible and lasting benefit to the community and to Calgary’s economy. We have ambitions to continue to grow in Canada and internationally, and we look forward to continuing to be an ambassador for the city,” said Bob Espey, President and Chief Executive Officer for Parkland.



The Opportunity Calgary Investment Fund was launched by The City of Calgary in April 2018 to support investments that will spur growth and create jobs in strategic sectors in the city. Energy and finance are key sectors for growth in the economic strategy for Calgary while technology is seen as a driver of progress in all sectors.



Parkland is a leader in the downstream energy business and its expansion helps to diversify Calgary’s energy ecosystem from its traditional upstream focus. Parkland is a supplier and marketer of fuel and petroleum products and a leading convenience store operator in Canada, the United States, the Caribbean, and the Americas.



By contrast, most energy companies located in Calgary work in exploration and production (upstream), or transportation, of energy or are integrated, with upstream and downstream operations.



“In the digital transformation of the entire energy sector we need to ensure Calgary remains a centre of decision making and innovation”, said Barry Munro, Chair of the Board of Directors of the Opportunity Calgary Investment Fund. “We are pleased to support the development of Parkland’s key business functions in IT and finance, which will strengthen the overall Calgary business ecosystem by placing more downstream elements of the energy business in this market.”



Parkland is the fifth submission to OCIF to be approved for funding since its launch. The $18.6 million committed to those five projects is only paid upon achievement of specific milestones. The total investment by the proponents of the projects OCIF supported is in excess of $95 million. They are forecast to create or retain 770 jobs, take up more than 270,000 sq. ft. of office and industrial space, and incubate new companies.



About Opportunity Calgary Investment Fund:

Opportunity Calgary Investment Fund was created as a wholly owned subsidiary of The City of Calgary in 2018 to support catalytic investments within the city that will help diversify and transform the economy. The Fund is administered by Calgary Economic Development and has a volunteer Board of Directors. For more information, visit our website at https://www.opportunitycalgaryinvestmentfund.com/



About Parkland Fuel Corporation:

Parkland is Canada and the Caribbean’s largest, and one of America’s fastest growing, independent suppliers and marketers of fuel and petroleum products and a leading convenience store operator. Parkland services customers in 25 countries through three channels: Retail, Commercial and Wholesale. Parkland optimizes its fuel supply across these three channels by operating and leveraging a growing portfolio of supply relationships and storage infrastructure. Parkland provides trusted and locally relevant fuel brands and convenience store offerings in the communities it serves.Parkland creates value for shareholders by focusing on its proven strategy of growing organically, realizing a supply advantage, acquiring prudently and integrating successfully.



Media Inquiries:

Leroy McKinnonSenior Specialist, Corporate Communications

403-567-2573

Leroy.McKinnon@parkland.ca

Calgary Economic Development 403-221-7889 media@calgaryeconomicdevelopment.com