Irving Oil weighing its options, including the possible sale of its assets

Irving Oil says it’s undertaking a “strategic review” with an eye to its future. In a release Wednesday, the company says it’s looking at a number of options, including the sale of its assets.

Irving Oil says it’s undertaking a “strategic review” with an eye on a possible sale.

In a release Wednesday, the company says it’s looking at several options for the future, which includes the sale of its assets.

“No decisions have been made about where this strategic review may lead,” the company said in the release. “Consideration will be given to a new ownership structure, a full or partial sale, or a change in the portfolio of our assets and how we operate them.”

Founded in 1924, Irving Oil operates Canada's largest refinery in Saint John, N.B., along with more than 900 gas stations and distribution terminals spanning Eastern Canada and New England.

According to the company’s website, the Saint John Refinery has a workforce of over 1,600 people and a capacity to refine more than 320,000 barrels of oil daily. The facility first opened in 1960 on a 780-acre site.

The company produces gasoline, diesel, heating oil, jet fuel, propane and asphalt. More than half of the finished products are exported to the northeast U.S.

Dan McTeague, the president of Canadians for Affordable Energy, says from a consumer point of view, he’s hoping federal government policies are not at play here.