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Irving Oil conducting strategic review that may include possible sale of business

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Saint John-based Irving, which owns Canada’s largest refinery, said it is studying a number of options for the future of the company

Irving Oil Ltd., owner of Canada’s largest refinery, could put itself up for sale as part of a strategic review of the 99-year-old family-controlled company.

In a statement on Wednesday, Saint John-based Irving said it is studying a number of options for the future of the company, which operates in Atlantic Canada, the United States and Europe. “No decisions have been made about where this strategic review may lead. 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,” said the statement, which was signed by billionaire and company owner Arthur Irving, Irving Oil President Ian Whitcomb and Vice-President Sarah Irving.

Irving runs the 320,000 barrel-a-day Saint John refinery, as well as a 75,000 barrel-a-day plant in Cork County, Ireland. It also has a chain of gas stations in Eastern Canada and New England as well as wholesale and fuel trading businesses.

 

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