Irving Oil says it has launched a strategic review that will consider, among other things, “a full or partial sale” of the company, one of the largest in New Brunswick.
“A strategic review of the company is underway, and a series of options are being evaluated related to the company’s future,” the Saint John-based company said in a statement.
“No decisions have been made about where this strategic review may lead. Considerations 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.”
The statement was signed by Arthur Irving, chairman of the Irving board, Ian Whitcomb, the president, and Sarah Irving, the executive vice-president.
Largest refinery
Founded in 1924 by Arthur’s father, K.C. Irving, Irving Oil operates Canada’s largest refinery, which processes 320,000 barrels a day and is New Brunswick’s largest greenhouse gas emitter.
According to the company’s website, it has “more than 900 fuelling locations and a network of distribution terminals spanning Eastern Canada and New England.”
With 4,000 employees, the company is one of the most powerful in the province.
In 2021, Irving Oil announced a partnership with Calgary-based TC Energy aimed at “significantly reducing emissions through the production and use of low-carbon power generation.”
The company said at the time it was looking at adopting new technologies to “aid in decarbonizing local industry,” but it has turned down interview requests about its long-term future as a refinery of crude oil.
Irving Oil spokesperson Katherine d’Entremont did not immediately respond to a request for an interview.
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