Irving Oil has conducted a strategic review that includes the possibility of fully or partially selling its assets.
Irving Oil owns the 320,000 barrel per day (bpd) Saint John refinery on Canada’s east coast, and the 75,000 bpd Whitegate refinery in Ireland, the only one in the country. It also operates more than 900 fueling stations across eastern Canada and the Northeastern U.S., according to a Reuters report.
The report also noted that Irving sells its fuel products across the U.S. East Coast, which is the largest gasoline-demand market in the U.S. and home to some of the world’s busiest airports.
The company stated on its website that consideration will be given to a new ownership structure, a full or partial sale or a change in the portfolio of its assets and how the company operates them.
Founded in 1924, Irving Oil operates Canada’s largest refinery in Saint John, New Brunswick, along with more than 900 fueling locations and a network of distribution terminals spanning Eastern Canada and New England.