Irving Oil Ltd., the operator of Canada’s largest crude refinery, is reviewing strategic choices that will embrace placing billions of {dollars} price of key North American refining and fuel-distribution property up on the market.
Different choices embrace a change within the portfolio of its property and the way it operates them, although “no choices have been made about the place this strategic overview might lead,” the corporate stated on its web site Wednesday.
The overview raises the chance that some essential North American downstream amenities might change fingers. Irving’s refinery in Saint John, New Brunswick, has the capability to course of 320,000 barrels of oil a day and provides gasoline to a lot of the US Northeast in addition to jap Canada. Irving additionally runs greater than 900 filling stations in jap Canada and New England, a refinery in Eire and sells heating oil and propane.
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The New Brunswick refinery is valued at roughly $2 billion, in response to the Bloomberg Billionaires Index. Irving’s Whitegate Refinery in County Cork, Eire, has a 75,000 barrel-per-day capability and is price an estimated $185.7 million.
The Irvings are one among Canada’s wealthiest households — well-known for his or her secrecy and their management of pure assets within the jap a part of the nation, notably the province of New Brunswick. The corporate is owned by Arthur Irving and was a part of a commodity conglomerate based by his father, Ok.C. Irving. Arthur Irving, whose signature is on Wednesday’s assertion, is the nation’s Sixteenth-richest particular person with a internet price of $5.3 billion, in response to the Bloomberg Billionaires Index.
The New Brunswick plant has been a purchaser of crude oil from the Bakken formation of North Dakota and is usually the only real Canadian purchaser of Saudi crude oil.
The potential sale comes as many such crops in North America have closed or transformed to processing biofuels as motor-fuel demand wanes. That features the Come-By-Probability refinery in Newfoundland, which went offline through the pandemic.
