Irving Oil, owner of Canada's largest refinery, is launching a strategic review that includes the option of a full or partial sale, the privately-held company said on Wednesday.
The New Brunswick-based company owns the 320,000 barrel per day 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 fuelling stations across eastern Canada and the northeastern United States.
"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," the company said. "The Irving refinery is a key component of the East Coast market," said John Auers, managing director of Refined Fuels Analytics. "The entire last year is proof that refiners can make money," said Charlie Kemp, refining consultant at Baker O'Brien.
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