The acquisition will enable family-owned Irving Oil, the operator of Canada’s largest refinery, to ‘expand its business across the Atlantic basin to gain valued customers in Ireland, in addition to securing optionality for its business’.
“It’s a good day for our company and we’re looking forward to welcoming the Whitegate team to Irving Oil,” says Arthur Irving, chairman of Irving Oil.
The transaction is expected to close by the end of the third quarter once all conditions of the sale have been met. Upon closing, Irving Oil will assume full ownership of the refinery and continue full operation of the facility, including maintaining its existing workforce.
“The Whitegate refinery has a tremendous reputation as a vital and secure supplier to the Irish market, and we will uphold that commitment very proudly and very seriously,” added president of Irving Oil, Ian Whitcomb.
Irving Oil looks forward to sharing more information on this acquisition upon the close of the purchase and sale agreement.