TORONTO – Chemtrade Logistics Income Fund (TSX: CHE.UN) says it has an agreement to sell its refinery services business in Montreal to Suncor Energy Products Inc. for roughly $120 million.

The Toronto-based income fund says it will use the net proceeds of the sale to reduce debt.

Chemtrade says its Montreal business provides sulphur removal and other services only to Suncor’s Montreal refinery.