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
BREAKING Bob Cole, veteran CBC broadcaster and former voice of 'Hockey Night in Canada,' dead at 90
Bob Cole, legendary CBC broadcaster and former voice of Hockey Night in Canada, has died. He was 90.
Harvey Weinstein's 2020 rape conviction overturned by N.Y. appeals court
New York's highest court on Thursday overturned Harvey Weinstein's 2020 rape conviction, reversing a landmark ruling of the #MeToo era in determining the trial judge improperly allowed women to testify about allegations against the ex-movie mogul that weren't part of the case.
BREAKING Honda to get up to $5B in govt help for EV battery, assembly plants
Honda is set to build an electric vehicle battery plant next to its Alliston, Ont., assembly plant, which it is retooling to produce fully electric vehicles, all part of a $15-billion project that is expected to include up to $5 billion in public money.
MPP Sarah Jama asked to leave Ontario legislature for wearing keffiyeh
MPP Sarah Jama was asked to leave the Legislative Assembly of Ontario by House Speaker Ted Arnott on Thursday for wearing a keffiyeh, a garment that is banned at Queen’s Park.
CTE: Researchers believe widespread brain injury may contribute to veteran suicide rate
Researchers are working to better understand if some Canadian military veterans may be suffering from Chronic Traumatic Encephalopathy, also known as CTE -- a disorder previously found in the brains of professional football and hockey players after their death.
1 arrested in northern Alberta during public shelter order
Residents of John D'Or Prairie, a community on the Little Red River Cree Nation in northern Alberta, were told to take shelter Thursday morning during a police operation.
Secret $70M Lotto Max winners break their silence
During a special winner celebration near their hometown, Doug and Enid shared the story of how they discovered they were holding a Lotto Max ticket worth $70 million and how they kept this huge secret for so long.
Remains from a mother-daughter cold case were found nearly 24 years later, after a deathbed confession from the suspect
A West Virginia father is getting some sense of closure after authorities found the remains of his young daughter and her mother following a deathbed confession from the man believed to have fatally shot them nearly two decades ago.
New deep-water channel allows first ship to pass Key bridge wreckage in Baltimore
The first cargo ship passed through a newly opened deep-water channel in Baltimore on Thursday after being stuck in the harbor since the Francis Scott Key Bridge collapsed four weeks ago, halting most maritime traffic through the city's port.