Irving Oil studies possible sale of fueling business

The company announced it is undergoing a strategic review to evaluate a series of options for its fueling business.

Irving Oil is undergoing a strategic review of the company to decide the future of its fueling business. As published by the firm in a press release, the options being evaluated include the sale of its assets.

According to a Reuters report, the brand operates over 900 service stations across Eastern Canada and the Northeastern U.S. region. Regarding its fuel assets, Irving owns the Saint John refinery located on Canada’s east coast, which produces approximately 320,000 barrels per day (bpd), and a 75,000 bpd refinery in Ireland.

Options being considered at the moment include new ownership structure, a full or partial sale of its business or a change in both its assets’ portfolio and how the firm operates them.

Irving Oil was founded in 1924 and its network of distribution terminals spans from Eastern Canada to New England.