Politician surprised with Irving Oil's strategic review announcement
Irving Oil's decision to undergo a strategic review of the company and its assets came out of nowhere for Saint John Rothesay MP Wayne Long.
“Yeah, I'm surprised, I'm shocked. I think the whole community is kind of reeling just with the unknown,” said Long.
Long said he had no prior knowledge and read about it on the company's website Wednesday.
“Today, Irving Oil is announcing a strategic review of the company is underway, and a series of options are being evaluated related to the company's future,” read the statement. "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."
Long is hoping for more details.
“I think to release that is one thing, to throw that bomb on the community is unfortunate,” said Long. “They're a private company, they can do as they wish, but hopefully they'll come out and clarify their position sooner than later.”
Long said everyone is left guessing, but federal restrictions could be a factor.
“They produce gas and fossil fuels, if you will. You know, our government is focused on net zero by 2050, big productions by 2030. You know, part of that is restrictions on polluters if you will,” said Long.
Owned by Arthur Irving, the company's Saint John refinery has more than 1,600 employees and has the capacity to refine more than 320,000 barrels a day.
When asked about the announcement in Ottawa on Wednesday, federal minister Dominic LeBlanc didn't have much to say.
“I haven't spoken to Mr. Irving in a number of years. It's a private company and they can take the responsibility for the decisions that they make,” said LeBlanc.
Long said it's not uncommon for massive international companies to do internal evaluations.
“But this isn't in character for them to absolutely come out with basically a press release that they're thinking of selling and they'll keep us posted,” said Long.
The member of parliament for Saint John Rothesay called Irving Oil a great community partner and a large part of the economy.
“I think it would be a sad day for the province if they decided to sell,” said Long.
Irving Oil also operates more than 900 gas stations and distribution terminals in eastern Canada and New England.
For more New Brunswick news, visit our dedicated home page.
CTVNews.ca Top Stories
How quietly promised law changes in the 2024 federal budget could impact your day-to-day life
The 2024 federal budget released last week includes numerous big spending promises that have garnered headlines. But, tucked into the 416-page document are also series of smaller items, such as promising to amend the law regarding infant formula and to force banks to label government rebates, that you may have missed.
Which foods have the most plastics? You may be surprised
'How much plastic will you have for dinner, sir? And you, ma'am?' While that may seem like a line from a satirical skit on Saturday Night Live, research is showing it's much too close to reality.
opinion I've been a criminal attorney for decades. Here's what I think about the case against Trump
Joey Jackson, a criminal defence attorney and a legal analyst for CNN, outlines what he thinks about the criminal case against Donald Trump in the 'hush money trial.'
$3.8M home in B.C.'s Okanagan has steel shell for extra wildfire protection
A home in B.C.'s Okanagan that features a weathering steel shell designed to provide some protection against wildfires has been listed for sale at $3.8 million.
Diver pinned under water by an alligator figured he had choice. Lose his arm or lose his life
An alligator attacked a diver on April 15 as he surfaced from his dive, nearly out of air. His tank emptied with the gator's jaws crushing the arm he put up in defence.
Psychologist becomes first person in Peru to die by euthanasia after fighting in court for years
A Peruvian psychologist who suffered from an incurable disease that weakened her muscles and had her confined to her bed for several years, died by euthanasia, her lawyer said Monday, becoming the first person in the country to obtain the right to die with medical assistance.
Mystery surrounds giant custom Canucks jerseys worn by Lions Gate Bridge statues
The giant stone statues guarding the Lions Gate Bridge have been dressed in custom Vancouver Canucks jerseys as the NHL playoffs get underway.
Celebrity designer sentenced to 18 months in prison for smuggling crocodile handbags
A leading fashion designer whose accessories were used by celebrities from Britney Spears to the cast of the 'Sex and the City' TV series was sentenced Monday to 18 months in prison after pleading guilty in Miami federal court on charges of smuggling crocodile handbags from her native Colombia.
Wildfire leads to evacuation order issued for northeast Alberta community
An evacuation order was issued on Monday afternoon for homes in the area of Cold Lake First Nation.