Irving Oil and BP will not proceed with proposed second refinery
The joint technical and commercial feasibility study that the two companies have been conducting over the last 18 months concluded that the project was not viable at a time of global economic recession and dampening forecasts for petroleum product demand in
“We want to thank our community, our three levels of government, and our employees for believing in our company and for working with us to study this project over the last few years,” said
“It became clear, particularly over the past year, that the market conditions for refining have changed since BP and Irving Oil entered this memorandum of understanding,” said
“Our interactions with our Federal and Provincial governments have reflected well on the potential for investing in
Solid relationships have developed that are essential for our community to prosper. When the time is right, we are ready and willing to work together. While this was a difficult decision, timing is everything. No one would benefit from a well conceived but poorly timed investment.”
“We’re very proud that we stayed the course for as long as we did after numerous refining projects around the world had fallen away,” said
To complete the processes already underway, and to preserve future options in the event that market conditions return to previous levels, Irving Oil will continue with the environmental permitting processes related to the proposed second refinery.
About Irving Oil
Founded in 1924, Irving Oil is a privately owned regional refining and marketing company with a history of long-term partnerships and relationships. Irving Oil operates
BP is one of the world’s largest oil and gas companies, serving millions of customers every day in more than 100 countries across six continents. BP’s activities are Exploration and Production; Refining and Marketing; and Alternative Energy, its low-carbon energy business. Through these business, BP provides fuel for transportation; energy for heat and light; retail services; and petrochemicals products for textiles and packaging.
SOURCE IRVING OIL LIMITED