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Irving Oil, the owner of Canada’s largest petroleum refinery, has launched a strategic review of the private company, which could result in a sale or a transition to its vast energy portfolio.
The company, founded in 1924, is owned by the wealthy Irving family of Canada. His Irving Group of Companies conglomerate, which includes a forestry business, a shipbuilding unit and logistics operations, is an industrial powerhouse in the province of New Brunswick.
Irving Oil’s refinery in Saint John, New Brunswick processes 320,000 barrels of oil a day. It operates more than 900 petrol stations in the US in eastern Canada and New England and distributes refined fuel products. The only refinery in Ireland is operated by Irving Oil.
Arthur Irving, chairman of Irving Oil, is one of Canada’s richest people, with a net worth of $5.3 billion, according to Bloomberg. The Irving family is one of Canada’s most important business dynasties and has shown extensive philanthropic wealth, including an $80 million donation to Dartmouth College in the United States that led to the creation of the Arthur L. Irving Institute for Energy and Society.
By 2022 the family owned all of New Brunswick’s major newspapers, which it sold to Postmedia, Canada’s largest newspaper, known for its preference for conservative politicians. Jamie Irving, a member of the family, became Postmedia’s executive chairman following the sale.
As a private company, Irving Oil does not disclose its finances. The company’s website says it employs more than 4,000 people. It had cut more than 1,000 jobs during the coronavirus pandemic as demand for oil plummeted. At the same time, Irving has invested in reducing its carbon emissions and growing its hydrogen production business.
A statement on Irving Oil’s website said “a range of options relating to the future of the company are being evaluated”. It did not give any reason for launching the strategic review.
“We are proud of the strong position our company is in today, driven by significant growth in our core business and good progress through the energy transition,” the statement said.
“No decision has been made about where this strategic review may lead,” the statement said.
