Irving Oil Signs Agreement To Acquire Newfoundland Refinery
SAINT JOHN— Irving Oil is making a bid to purchase a refinery in Newfoundland.
On Thursday, Irving Oil and U.S. investment firm Silverpeak announced that they have signed an agreement for Irving Oil to acquire North Atlantic Refining Corp., subject to regulatory review and conditions of sale being met.
The agreement includes a refinery in Come By Chance that produces 135,000 barrels per day, and a network of retail sites and other marketing assets.
“As a family-owned international refining and marketing company based in Atlantic Canada, Irving Oil has proudly served the people of Newfoundland and Labrador since 1950, providing a secure supply of energy to its customers across the province,” said the company in a release Thursday.
“Irving Oil would look forward to the opportunity to continue to provide a secure supply of energy to customers across the province.”
No financial details have been released about the deal, which is subject to regulatory review and conditions of sale being met.
Founded in 1987, North Atlantic describes itself as a province-wide leader in retail gas and convenience, residential, commercial, and wholesale fuels.
“Our refinery’s location provides direct access to fuel markets in Europe and the United States, and crude oil markets in the Middle East, the United States, and right here in our own province. This central location allows us to effectively and quickly supply the highest quality fuels including gasoline, jet, home heat, ultra-low sulphur diesel, and bunker,” said the company’s website.
Irving Oil hasn’t yet responded to requests for further comment.