New Brunswick-based Irving Oil is undergoing a “strategic review” of its business, which includes exploring a full sale of the company.
Storage tanks are seen at the Irving Oil refinery in Saint John, N.B. on Thursday, Aug. 8, 2013. THE CANADIAN PRESS/Andrew Vaughanthat may include putting billions of dollars worth of key North American refining and fuel-distribution assets up for sale.
The review raises the possibility that some important North American downstream facilities may change hands. Irving’s refinery in Saint John, New Brunswick, has the capacity to process 320,000 barrels of oil a day and supplies gasoline to much of the U.S. Northeast as well as eastern Canada. Irving also runs more than 900 filling stations in eastern Canada and New England, a refinery in Ireland and sells heating oil and propane.
The Irvings are one of Canada’s wealthiest families — famous for their secrecy and their control of natural resources in the eastern part of the country, particularly the province of New Brunswick. The company is owned by Arthur Irving and was part of a commodity conglomerate founded by his father, K.C. Irving. Arthur Irving, whose signature is on Wednesday’s statement, is the country’s 16th-richest person with a net worth of $5.3 billion, according to the Bloomberg Billionaires Index.
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