Canadian company Irving Oil has initiated a strategic review of the business that will explore ‘a full or partial sale’, among other options.
The privately held company owns the 320,000 barrel per day (bpd) Saint John refinery in New Brunswick, Canada, as well as the 75,000bpd Whitegate refinery in County Cork, Ireland.
It also operates more than 900 fuelling stations in north-eastern US and in eastern Canada.
Irving Oil said it is assessing several options for its future.
In a press statement, the company said: “No decisions have been made about where this strategic review may lead. Considerations 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.”
The company’s Whitegate refinery is equipped to process light, low-sulphur crude oil, sourced from the North Sea and West Africa. It produces transportation and heating fuels including gasoline, diesel and kerosene for customers across Ireland and Europe.
Earlier this year, Irving Oil selected Anaergia to supply carbon-negative renewable natural gas (RNG) for its operations including the Saint John refinery.
Anaergia will produce the RNG at its Rhode Island Bioenergy Facility, which is designed to prevent the release of more than 40,000 metric tonnes per year of carbon dioxide-equivalent greenhouse gas emissions.
Commenting on the partnership, Irving Oil president Ian Whitcomb said: “We are making strides in achieving our 2030 goal of a 30% reduction in greenhouse gas emissions as we shift to lower-carbon energies.”
