Options “related to the future of the company’ are being looked at, according to a statement
Irving Oil says it has started a strategic review that will look at “a full or partial sale” of the company, which is one of the biggest in New Brunswick.
In a statement, the Saint John-based company said, “A strategic review of the company is under way, and a number of options for the company’s future are being looked at.”
“There have been no decisions made about where this strategic review could go. A new ownership structure, a full or partial sale, or a change in the assets we own and how we run them will be looked at.
Arthur Irving, who is the chairman of the Irving board, Ian Whitcomb, who is the president, and Sarah Irving, who is the executive vice president, all signed the statement.
Largest refiner
K.C. Irving, Arthur’s father, started Irving Oil in 1924. It runs Canada’s biggest refinery, which processes 320,000 barrels of oil every day and is New Brunswick’s biggest source of greenhouse gases.
The company’s website says that it has “more than 900 fueling locations and a network of distribution terminals across Eastern Canada and New England.”
The company is one of the most powerful in the province, with 4,000 employees.
Irving Oil and Calgary-based TC Energy announced a partnership in 2021 with the goal of “significantly reducing emissions through the production and use of low-carbon power generation.”
At the time, the company said it was considering using new technologies to “help decarbonize local industry,” but it has turned down requests for interviews about its long-term future as a crude oil refinery.
When asked for an interview, Katherine d’Entremont, a spokeswoman for Irving Oil, did not respond right away.