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LAVAL, Quebec – Alimentation Couche-Tard Inc. may bring a fuel-saving gas to North America following its planned European rollout, according to a CTV News report.
Following its annual meeting on Sept. 25, the parent company of Circle K in the United States and Mac's Convenience Stores in Canada reported that its Miles fuel brand sold in Europe cuts fuel consumption by 2 percent to 3 percent and reduces vehicle maintenance costs.
Couche-Tard obtained the European patents on the fuel following its 2012 acquisition of Statoil Fuel & Retail ASA. It was previously under development for five years.
The price of Miles-branded fuel is the same as fuel without additives, and margins are only slightly reduced.
Couche-Tard CEO Alain Bouchard said the company's priority is to expand where Miles fuel can be purchased in Europe next year before deciding on potential timing of a North American launch. He added that he was blown away when company executives learned the details of the fuel.
Bouchard declined to provide details on how the additives create operating savings or where the fuel is made, according to the report.
In the coming year, Couche-Tard also plans to focus on further integrating operations with Statoil, cutting debt and continuing U.S. expansion via acquisitions, Bouchard said. The company intends to buy approximately 200 stores and build approximately 70 new stores. It is also working to expand its fresh food offerings, especially at its Quebec stores.