Irving Oil weighing its options, including the possible sale of its assets
Irving Oil says it’s undertaking a “strategic review” with an eye on a possible sale.
In a release Wednesday, the company says it’s looking at several options for the future, which includes the sale of its assets.
“No decisions have been made about where this strategic review may lead,” the company said in the release. “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.”
Founded in 1924, Irving Oil operates Canada's largest refinery in Saint John, N.B., along with more than 900 gas stations and distribution terminals spanning Eastern Canada and New England.
According to the company’s website, the Saint John Refinery has a workforce of over 1,600 people and a capacity to refine more than 320,000 barrels of oil daily. The facility first opened in 1960 on a 780-acre site.
The company produces gasoline, diesel, heating oil, jet fuel, propane and asphalt. More than half of the finished products are exported to the northeast U.S.
Dan McTeague, the president of Canadians for Affordable Energy, says from a consumer point of view, he’s hoping federal government policies are not at play here.
“I can’t believe they’re not, given that all of Atlantic provinces joined together to push back on the so-called second carbon tax,” McTeague told CTV from his home in Milton, Ont.
“I hope this doesn’t have to be an economic message sent to those carrying a political message.”
New Brunswick Premier Blaine Higgs said he’s trying to remain optimistic, but he’s troubled by Irving Oil’s review.
“I am very concerned about the rules and regulations that are being imposed upon this business at a time when we are trying to manage commodity pricing, people’s cost of living,” the premier said Wednesday.
“And, the sad part about all this is if this industry, through our own devices, through our own federal rules, is forced to make changes in its operation, well, you know what happens. The same commodity will be purchased overseas.”
Irving Oil also operates Ireland's only refinery, located in the village of Whitegate in County Cork.
The Whitegate Refinery employs over 200 people and has a crude capacity of up to 75,000 barrels a day.
Whitegate originally opened in 1959 and processes light, low-sulphur crude oil from the North Sea and West Africa.
It produces transportation and heating fuels such as gasoline, diesel and kerosene for the Irish and European markets.
According to the Bloomberg Billionaires Index, the refinery in New Brunswick is valued at USD $2 billion, while Irving’s refinery in Ireland is valued at $186-million.
In 2019, Irving Oil acquired Ireland’s Top Oil, a supplier of home heating oil, petrol and diesel fuel.
The company established its European operations in 2014 with an office in London, England, and Amsterdam.
For more New Brunswick news, visit our dedicated home page.
Atlantic Top Stories
-
-
-
-
DEVELOPINGDEVELOPING Milton increases to a Category 4 hurricane as Florida prepares for massive evacuations
-
DEVELOPINGDEVELOPING Police in several cities to increase presence ahead of Oct. 7 anniversary
-
-
-
CTVNews.ca Top Stories
DEVELOPING
DEVELOPING Milton increases to a Category 4 hurricane as Florida prepares for massive evacuations
Milton rapidly strengthened into a Category 4 hurricane Monday on a path toward Florida population centers including Tampa and Orlando, threatening a dangerous storm surge in Tampa Bay and setting the stage for potential mass evacuations less than two weeks after a catastrophic Hurricane Helene swamped the coastline.
DEVELOPING
DEVELOPING Police in several cities to increase presence ahead of Oct. 7 anniversary
On the anniversary of the Hamas-led attacks in Israel, police departments in cities across Canada are increasing their presence in Jewish and Muslim communities, as well as at the locations of planned protests.
Lawyers for Madeleine McCann suspect seek acquittal in his German trial on unrelated sexual offence charges
Lawyers for a man who is also under investigation in the 2007 disappearance of British toddler Madeleine McCann called on Monday for him to be acquitted in his trial on charges of unrelated sexual offences.
Canadian scurvy case prompts advisory to doctors: It's still out there
Scurvy is not just an archaic diagnosis of 18th-century seafarers and doctors should be on the lookout for possible cases, according to researchers following a recent case.
Madonna's brother, Christopher Ciccone, dead at 63
Christopher Ciccone, a multihyphenate artist, dancer, designer and younger brother of Madonna, has died. He was 63.
Alleged suicide kit salesman files in Supreme Court to contest whether assisted suicide can ever be murder
Lawyers representing the Ontario man accused of selling hundreds of suicide kits with deadly effect around the globe have filed to intervene in a case in Canada’s highest court, arguing there is no way he can be charged with murder under Canadian law.
Rare cloud formations ripple the sky over Ottawa
A unique form of clouds made an appearance over the skies of Ottawa on Sunday evening.
Man arrested after stealing Vancouver police cruiser, driving it into neighbourhood park
A man stole a police car and drove it onto the field of an East Vancouver park Sunday morning, placing 'dozens of bystanders in harm’s way,' according to police.
War rages on multiple fronts as Israel marks a year since Hamas' Oct. 7 attack
Israelis held sombre ceremonies on Monday to mark a year since the deadliest attack in the country's history, a Hamas-led raid that shattered its sense of security and ignited wars on two fronts with no end in sight.
Shopping Trends
The Shopping Trends team is independent of the journalists at CTV News. We may earn a commission when you use our links to shop. Read about us.
Toronto
-
Alleged suicide kit salesman files in Supreme Court to contest whether assisted suicide can ever be murder
Lawyers representing the Ontario man accused of selling hundreds of suicide kits with deadly effect around the globe have filed to intervene in a case in Canada’s highest court, arguing there is no way he can be charged with murder under Canadian law.
-
One critically injured in Etobicoke collision
One person has been taken to hospital with life-threatening injuries after a crash in Etobicoke early Monday morning.
-
Man dead following two-vehicle collision in North York
A man has died following a two-vehicle collision in North York on Sunday night.
Calgary
-
Residents invited to Calgary Court Centre for blanket rezoning challenge
Opponents to blanket rezoning in Calgary are inviting members of the public to learn more about the next steps in the fight against the controversial plan.
-
Psychiatric patient missing from Lethbridge hospital
Lethbridge police are looking for a 32-year-old man they say escaped from a psychiatric ward at the Chinook Regional Hospital.
-
WEATHER
WEATHER Warm and windy start to the week with highs in the low 20s
Continuing this trend of unusually warm weather, southern Alberta will start this week with sunshine and daytime highs that are seven to eight degrees warmer than average.
Edmonton
-
'A very hard day': Jewish and Palestinian communities look ahead to Oct. 7 anniversary
Monday is the first anniversary of the Hamas attack in Israel that killed 1,200 people and sparked a war that has since spread beyond the borders of the Gaza Strip.
-
DEVELOPING
DEVELOPING Police in several cities to increase presence ahead of Oct. 7 anniversary
On the anniversary of the Hamas-led attacks in Israel, police departments in cities across Canada are increasing their presence in Jewish and Muslim communities, as well as at the locations of planned protests.
-
Canadian Natural Resources buying Chevron's Alberta assets for US$6.5B
Canadian Natural Resources Ltd. has signed a deal to buy Chevron Canada Ltd.'s interests in the Athabasca Oil Sands Project and Duvernay shale for US$6.5 billion.
Montreal
-
'We will never be the same': Oct. 7 killing of Montreal native leaves gaping hole
Alexandre Look, a 33-year-old Montreal native, was among the concertgoers who were murdered a year ago Monday at the Supernova music festival during a brutal assault on Israel carried out by Hamas militants. He is among at least eight people, either Canadian citizens or with ties to Canada, who died during the Oct. 7 attacks.
-
Celine Dion intros Cowboys v. Steelers Sunday Night Football, gets drenched in Gatorade
Celine Dion introduced the marquee Dallas Cowboys - Pittsburgh Steelers Sunday Night Football game before getting drenched by orange Gatorade.
-
Watermain break causes major flooding in Montreal's Plateau
Montreal public works crews are on the scene of a watermain break in the Plateau right next to Parc La Fontaine.
Ottawa
-
Trillium Line begins final 21-day testing phase
Trial running begins today on the Trillium Line, one of the final steps before Ottawa’s new north-south line opens to the public. “This is TransitNEXT’s final exam, and it will be a rigorous one,” Renee Amilcar, Transit Services general manager, told councillors and the media last Thursday.
-
Rare cloud formations ripple the sky over Ottawa
A unique form of clouds made an appearance over the skies of Ottawa on Sunday evening.
-
Updated COVID vaccine to be available for eligible Ottawa residents starting next week
Ottawa Public Health is recommending all residents receive an updated COVID-19 vaccine this fall, with the updated vaccine expected to be available for high-risk individuals starting next week.
London
-
DEVELOPING
DEVELOPING Milton increases to a Category 4 hurricane as Florida prepares for massive evacuations
Milton rapidly strengthened into a Category 4 hurricane Monday on a path toward Florida population centers including Tampa and Orlando, threatening a dangerous storm surge in Tampa Bay and setting the stage for potential mass evacuations less than two weeks after a catastrophic Hurricane Helene swamped the coastline.
-
Provincial funding for LHSC hopes to clear up ICU beds
Permanent funding provided to London Health Sciences Centre (LHSC) and other hubs hopes to improve quality of life for patients on ventilators.
-
Beef jelly tongue products sold in London, Kitchener and southwestern Ontario recalled
The Canadian Food Inspection Agency has issued a recall due to possible Listeria contamination for more than a dozen brands of beef jelly tongue products sold in Ontario.
Barrie
-
Serious two-vehicle collision in New Tecumseth
Emergency crews are on scene of a two-vehicle crash involving a dump truck in New Tecumseth.
-
Barrie's 2025 budget could depend on citizens' survey results
Barrie residents are urged to take an online survey - or answer the phone when pollsters call - for an opinion on how tax dollars should be spent.
-
Fire destorys barn in Oro-Medonte
Fire crews are investigating a Saturday evening fire at a barn in Oro-Medonte.
Northern Ontario
-
One taken to hospital after vehicle collided with moose in Sudbury
One person was taken to hospital after a vehicle collided with a moose on MR80 in Greater Sudbury on Saturday evening.
-
New Far North hospital moves closer to being built after $1.8B design, build contract awarded
Weeneebayko Area Health Authority and the Government of Ontario have awarded a $1.8 billion fixed-price contract to design, build and finance a new Far North hospital.
-
NEW
NEW Major international mining conference kicks off in Sudbury this week
Greater Sudbury in partnership with the Organization for Economic Co-operation and Development, is hosting the organization's annual mining conference.
Kitchener
-
Kitchener stabbing prompts police investigation
According to police, officers responded to reports of a stabbing in the area of Victoria Street North and St. Leger Street around 5:30 a.m. Sunday.
-
DEVELOPING
DEVELOPING Milton increases to a Category 4 hurricane as Florida prepares for massive evacuations
Milton rapidly strengthened into a Category 4 hurricane Monday on a path toward Florida population centers including Tampa and Orlando, threatening a dangerous storm surge in Tampa Bay and setting the stage for potential mass evacuations less than two weeks after a catastrophic Hurricane Helene swamped the coastline.
-
Beef jelly tongue products sold in London, Kitchener and southwestern Ontario recalled
The Canadian Food Inspection Agency has issued a recall due to possible Listeria contamination for more than a dozen brands of beef jelly tongue products sold in Ontario.
Windsor
-
Woman busted for speeding on Highway 3
A 40-year-old Windsor woman was taken off the road after OPP say she was caught speeding on Highway 3.
-
DEVELOPING
DEVELOPING Milton increases to a Category 4 hurricane as Florida prepares for massive evacuations
Milton rapidly strengthened into a Category 4 hurricane Monday on a path toward Florida population centers including Tampa and Orlando, threatening a dangerous storm surge in Tampa Bay and setting the stage for potential mass evacuations less than two weeks after a catastrophic Hurricane Helene swamped the coastline.
-
16-year-old pedestrian struck in fatal collision
Just before 7 a.m. Sunday, OPP responded to the scene where officers said a vehicle struck a pedestrian on County Road 18 near Britton Road in Essex.
Winnipeg
-
Severe winds wreak havoc on southern Manitoba
Some Manitobans are cleaning up Sunday morning, after intense winds barreled through southern parts of the province Saturday.
-
Pro-Palestinian protesters rally at Manitoba Legislative Building nearly one year after Oct. 7 attacks
For the 52nd week, pro-Palestinian protesters rallied in Winnipeg, calling for peace in the Middle East amid the ongoing Israel-Hamas war.
-
Vacant Winnipeg home hit by fire for third time
Winnipeg fire crews responded to a pair of blazes on Sunday, including one at a home that has been the site of multiple fires.
Regina
-
Here are Saskatchewan's 8 new constituencies for the 2024 provincial election
As Saskatchewan's population grows, a number of new constituencies have been created to account for larger numbers in certain areas, including within Regina and Saskatoon.
-
Here's where the strongest wind gusts were recorded in Saskatchewan
Saturday was not an ideal fall day for the residents of southern Saskatchewan – as winds reaching highway speeds were reported.
-
Timeline: What has happened in Canada since Oct. 7, 2023
The Oct. 7 attack by Hamas fighters on Israel last year, and the immediate Israeli retaliation that followed, sent shockwaves throughout the world that have shaken Canada culturally and politically.
Saskatoon
-
Here are Saskatchewan's 8 new constituencies for the 2024 provincial election
As Saskatchewan's population grows, a number of new constituencies have been created to account for larger numbers in certain areas, including within Regina and Saskatoon.
-
Sask. community marks sod-turning for Humboldt Broncos memorial
A permanent memorial at the site of the 2018 Humboldt Broncos bus crash is about to be a step closer.
-
Roughriders edge Elks 28-24, clinch playoff berth
The Saskatchewan Roughriders have clinched a playoff spot thanks to a win over the Edmonton Elks.
Vancouver
-
Televised B.C. election debate will see party leaders face each other under lights
New Democrat David Eby, B.C. Conservative John Rustad and Sonia Furstenau set to square off in televised debate Tuesday.
-
Man sets minivan on fire outside Vancouver City Hall
A man parked a minivan in front of Vancouver City Hall Sunday evening and set it ablaze, according to police.
-
Man arrested after stealing Vancouver police cruiser, driving it into neighbourhood park
A man stole a police car and drove it onto the field of an East Vancouver park Sunday morning, placing 'dozens of bystanders in harm’s way,' according to police.
Vancouver Island
-
Eby supports police on guns and gangs, flanked by four law enforcement candidates
NDP Leader David Eby promised Sunday to support police in British Columbia to keep illegal guns off the streets and protect communities, but accused B.C. Conservative Leader John Rustad of planning to make the province less safe.
-
Where will B.C.'s election be won? Even identifying the battlegrounds is tough call
The calculus of predicting an election and identifying its key battlegrounds is complex enough in any race, but observers of the British Columbia poll this month are facing a pair of unknown quantities that make the math even more confounding.
-
Son charged with mother's murder on Vancouver Island
Police on Vancouver Island have made an arrest in the case of a 78-year-old woman found dead in her home almost two years ago.
Kelowna
-
2nd-degree murder charge laid nearly 2 years after Kelowna stabbing
Nearly two years after a man was stabbed to death in downtown Kelowna, RCMP have made an arrest in the case.
-
Eby promises $75 million rural health loan forgiveness plan at Okanagan campaign stop
NDP Leader David Eby is promising to offer a $75-million loan forgiveness program to entice doctors, nurses and heath professionals to expand health-care services in rural British Columbia.
-
Several 'aggressors' arrested after B.C. teen swarmed, B.C. RCMP say
Three young suspects have been arrested in connection with a swarming attack on a teenager in B.C.'s Okanagan last week – and authorities have asked the public to stop circulating disturbing videos of the incident.
