SAINT JOHN, NB Canadian-owned Irving Oil announced as we speak it has reached an settlement with Houston-based power, manufacturing and logistics firm, Phillips sixty six (NYSE: PSX), to amass its Whitegate refinery situated close to Cork, Ireland. The Whitegate facility is Ireland sole refinery, processing up to seventy five,000 barrels of crude oil per day and producing transportation and heating fuels equivalent to gasoline, diesel and kerosene. Built in 1959, it has a workforce of 160 employees in addition to many contract personnel.
The acquisition will enable Irving Oil to increase its business across the Atlantic basin to realize valued prospects in Ireland, in addition to securing optionality for its enterprise.
e are pleased to have signed an agreement to purchase the Whitegate refinery,says Arthur Irving, Chairman of Irving Oil. t a good day for our firm and wee wanting forward to welcoming the Whitegate staff to Irving Oil./p>
The transaction is anticipated to shut by the tip of the third quarter once all conditions of the sale have been met. Upon closing, Irving Oil will assume full possession of the refinery and continue full operation of the power, including maintaining its existing workforce.
e are delighted to be pursuing an acquisition that feels so natural for us,says Ian Whitcomb, President of Irving Oil. he Whitegate refinery has an amazing reputation as a significant and safe supplier to the Irish market, and we will uphold that dedication very proudly and really significantly./p>
s operators of Canada largest refinery, Irving Oil is a proud Atlantic Canadian firm, family-owned and operated for close to a century,says Sarah Irving, Government Vice President of Irving Oil. ur historical past and function in supplying Atlantic Canada and the US northeast ensures we carry exceptional experience and commitment to the people of Whitegate and to customers throughout Eire./p>
n all fronts, wee been impressed by the Whitegate refinery and its individuals,says Mark Sherman, Vice President and Chief Working Officer of Irving Oil. he operational performance of Whitegate is powerful, it has nicely established and diligent upkeep schedules and we’re struck by the positive working surroundings seen amongst its folks. In many respects, our refineries share common qualities and it one of the reasons we discovered this opportunity to be so compelling./p>
Irving Oil appears forward to sharing more data on this acquisition upon the close of the purchase and sale settlement.
About Irving Oil
Irving Oil was founded in 1924 and is a privately owned regional refining and advertising and marketing firm with a history of long-term partnerships and relationships. Irving Oil operates Canada largest refinery, in Saint John, NB, which is situated sixty five miles north of the US border and has reached production rates in excess of 320,000 barrels per day. With over 900 fueling places, operations from a community of distribution terminals, and a supply fleet of tractor trailers, Irving Oil serves wholesale, industrial and retail prospects in Atlantic Canada, Quebec, and New England.
