Irving Oil weighing its options, including the possible sale of its assets
Irving Oil says it’s endeavor a “strategic review” with an eye fixed to its future.
In a launch Wednesday, the corporate says it’s a number of choices, together with the sale of its belongings.
“No decisions have been made about where this strategic review may lead,” the corporate mentioned within the launch. “Consideration will be given to a new ownership structure, a full or partial sale, or a change in the portfolio of our assets and how we operate them.”
Founded in 1924, Irving Oil operates Canada’s largest refinery in Saint John together with greater than 900 fuel stations and distribution terminals spanning Eastern Canada and New England.
According to the corporate’s web site, the Saint John Refinery has a workforce of over 1,600 individuals and a capability to refine greater than 320,000 barrels day by day.
The facility opened in 1960 on a 780-acre website.
It produces gasoline, diesel, heating oil, jet gas, propane and asphalt. More than half of the completed merchandise are exported to the northeast U.S.
It additionally operates Ireland’s solely refinery, situated within the village of Whitegate in County Cork.
The Whitegate Refinery employs over 200 individuals and has a crude capability of as much as 75,000 barrels a day.
Whitegate initially opened in 1959 and processes gentle, low-sulphur crude oil from the North Sea and West Africa.
It produces transportation and heating fuels equivalent to gasoline, diesel and kerosene for the Irish and European markets.
In 2019, Irving Oil acquired Ireland’s Top Oil, a provider of house heating oil, petrol and diesel gas.
The firm established its European operations in 2014 with an workplace in London, England, and Amsterdam.
More to come back …
