SAINT JOHN, New Brunswick, September 9, 2016 /PRNewswire/ --
Canadian Company Announces Successful Acquisition of Refinery in Ireland
Irving Oil announced today the successful close of its purchase and sale agreement with Houston-based energy, manufacturing and logistics company, Phillips 66 (NYSE: PSX), to acquire the Whitegate refinery located near Cork, Ireland. The agreement was announced by Irving Oil on August 3 with an expectation that the transaction would close by the end of the third quarter once all conditions of the sale were met.
With the transaction finalized, Irving Oil has assumed full ownership of the refinery and will continue full operation of the facility, including maintaining its existing workforce.
"Whitegate is a great facility, and is a good fit for our company," says Arthur Irving, Chairman of Irving Oil. "We are happy to welcome the Whitegate team to Irving Oil and we are looking forward to working together."
As the country's sole refinery the Irving Oil Whitegate Refinery will continue to provide a secure and reliable supply to its existing customer base.
"This is a historic day for our company. We're thrilled to welcome new members to the Irving Oil team, serve new customers and grow our business across the Atlantic," says Ian Whitcomb, President of Irving Oil. "The Irving Oil Whitegate Refinery has a long-established positive work environment and strong safety culture, and we will continue to uphold these values while offering our customers in Ireland an exceptional service experience.
"We will work hard to ensure that existing relationships with customers and the community remain strong, and we look forward to establishing new relationships," says Sarah Irving, Executive Vice President of Irving Oil. "It is an exciting time for our company and we welcome the team at Whitegate to Irving Oil."
"We are excited to add another refinery to our company. As with our Saint John refinery, safety is always our number one priority," says Mark Sherman, Vice President and Chief Operating Officer of Irving Oil. "With this at the forefront, this refinery will continue as a reliable supplier, a sound operator and a secure employer."
About Irving Oil
Irving Oil was founded in 1924 and is a privately-owned regional refining and marketing company with a history of long-term partnerships and relationships. In addition to its refinery in Whitegate, Ireland, Irving Oil operates Canada's largest refinery in Saint John, NB, which is located 65 miles north of the US border and has reached production rates in excess of 320,000 barrels per day. With over 900 fueling locations, operations from a network of distribution terminals, and a delivery fleet of tractor trailers, Irving Oil serves wholesale, commercial and retail customers in Atlantic Canada, Quebec, and New England.
Public Affairs, Irving Oil
SOURCE Irving Oil Operations Ltd