Irving Oil has launched a strategic review of its operations and says it is considering selling billions of dollars worth of refining and fuel-distribution assets.
The New Brunswick-based company operates Canada’s largest crude oil refinery. The company’s refinery in Saint John can process 320,000 barrels of oil a day and supplies gasoline to much of the U.S. Northeast and Eastern Canada.
Irving also operates more than 900 retail gas stations across North America, a refinery in Ireland, and sells heating oil and propane gas.
The New Brunswick refinery has been valued at $2 billion U.S., while the refinery in Ireland is worth an estimated $185 million U.S.
The potential asset sale comes as demand for motor vehicle gasoline begins to decline.
The Irvings are one of Canada’s wealthiest families. The company, which also has interests in logging, shipping and newspapers, is currently owned by Arthur Irving who has a net worth estimated at $5 billion.
Irving Oil is a privately held company. Its stock does not trade on a public exchange.
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