Irving Oil to Buy Ireland’s Only Oil Refinery
SAINT JOHN–Irving Oil confirmed today an agreement with Houston-based Phillips 66 to acquire its Whitegate refinery, located near Cork, Ireland for an undisclosed amount.
As Ireland’s only refinery, Whitegate processes up to 75,000 barrels of crude oil per day and produces transportation and heating fuels such as gasoline, diesel and kerosene. The refinery has a workforce of 160 employees and almost as many contract personnel.
The company says the deal will enable Irving Oil to expand its business across the Atlantic to serve Ireland and open the door to other opportunities.
“We are pleased to have signed an agreement to purchase the Whitegate refinery,” Chairman of Irving Oil Arthur Irving said in a release. “It’s a good day for our company and we’re looking forward to welcoming the Whitegate team to Irving Oil.
Once all conditions are met upon closing, Irving Oil is set to assume full ownership of the refinery and continue full operation of the facility, including maintaining the existing workforce.
“On all fronts, we’ve been impressed by the Whitegate refinery and its people,” Irving Oil vice president and COO Mark Sherman said. “The operational performance of Whitegate is strong, it has well established and diligent maintenance schedules and we are struck by the positive working environment seen amongst its people.
“In many respects, our refineries share common qualities and it’s one of the reasons we found this opportunity to be so compelling.”
The deal is set to be closed by the end of the year’s third quarter.
“Our history and role in supplying Atlantic Canada and the US northeast ensures we bring exceptional experience and commitment to the people of Whitegate and to customers across Ireland,” said Sarah Irving, executive vice president of Irving Oil.
Irving Oil operates Canada’s largest oil refinery in Saint John, which produces about 320,000 barrels per day.