CALGARY -- Imperial Oil says it has reached deals to sell its remaining 497 Esso retail stations in Canada to five fuel distributors for a total of $2.8 billion.
Alimentation Couche-Tard Inc. is set to buy 279 stations in Ontario and Quebec for nearly $1.69 billion.
Meanwhile, 7-Eleven Canada Inc. is buying 148 stations in Alberta and British Columbia, Harnois Groupe petrolier buying 36 in Quebec and Wilson Fuel Co. Ltd. buying 17 in Nova Scotia and Newfoundland.
Canada's commodity-sensitive dollar shot up close to 76 cents US this morning amid a report oil prices may have reached their lowest point. The loonie reached a morning peak of 75.93 cents US -- a full cent from Thursday afternoon's close.
It suffered a brief setback when Statistics Canada reported the national unemployment rate had risen to a three-year high in February, but recovered shortly thereafter. Before noon, the dollar was trading at 75.76 cents US.
The April crude contract was up 70 cents at US$38.54 per barrel. The International Energy Agency released a report earlier Friday saying there are signs suggesting oil prices may have bottomed out.
On the Toronto Stock Exchange, the S&P/TSX composite index was up 102.02 points at 13,481.16.