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Irving Oil, the proprietor of Canada’s largest petroleum refinery, has launched a strategic overview of the non-public firm that might end in a sale or a change in its sprawling vitality portfolio.
The corporate, based in 1924, is owned by Canada’s rich Irving household. Their Irving Group of Corporations conglomerate, which features a forestry enterprise, a shipbuilding unit and logistics operations, is an industrial powerhouse within the province of New Brunswick.
Irving Oil’s refinery processes 320,000 barrels of oil a day in Saint John, New Brunswick. It additionally operates greater than 900 petrol stations in japanese Canada and New England within the US and distributes refined gas merchandise. The one refinery in Eire is operated by Irving Oil.
Arthur Irving, chair of Irving Oil, is one in every of Canada’s richest individuals with a web price of $5.3bn, in response to Bloomberg. The Irving household is one in every of Canada’s most essential enterprise dynasties and has proven intensive philanthropic heft, together with an $80mn donation to Dartmouth Faculty within the US, which led to the creation of the Arthur L Irving Institute for Power and Society.
Till 2022 the household owned all the foremost newspapers in New Brunswick, which it offered to Postmedia, Canada’s greatest newspaper chain, identified for its choice for conservative politicians. Jamie Irving, a member of the household, turned Postmedia’s govt chair after the sale.
As a non-public firm, Irving Oil doesn’t disclose its funds. The corporate’s web site says it employs greater than 4,000. It had minimize greater than 1,000 jobs through the coronavirus pandemic as demand for oil slumped. On the similar time, Irving has invested in decreasing its carbon emissions and rising its hydrogen manufacturing enterprise.
An announcement on Irving Oil’s web site mentioned a “collection of choices are being evaluated associated to the corporate’s future”. It didn’t present a cause for the launch of the strategic overview.
“We’re pleased with the robust place our firm is in at this time, having achieved important progress in our core enterprise and making good progress in main via the vitality transition,” the assertion mentioned.
“No choices have been made about the place this strategic overview could lead,” the assertion mentioned.
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