Irving Oil president Ian Whitcomb says he has made a 'personal decision' to step down from his position after eight years in the job. The Irving Oil Refinery in Saint John, N.B., on Jan. 29, 2019.Andrew Vaughan/The Canadian Press
Irving Oil Ltd., owner of Canada’s largest refinery, will remain a stand-alone company after ruling out a sale of the family-owned operation.
The Saint John-based oil refiner and retailer said in a statement late Tuesday that it had completed an 18-month review of its alternatives and decided to remain a private company.
Irving announced the review in June, 2023, leading to speculation about potential buyers for the century-old Atlantic Canadian institution. It gave few details about its motivation at the time, and did not issue any interim reports on its progress.
Also on Tuesday, Irving named company veteran Jeff Matthews as president and chief executive officer. He has held a number of posts over three decades at the company, including chief business development officer, chief financial officer and, most recently, chair of the executive management committee, Irving said.
Irving is one of New Brunswick’s largest employers. Its Saint John refinery has a capacity of 320,000 barrels a day, and its Whitegate refinery in Ireland has a capacity of 75,000 barrels a day.
The company also has a chain of more than 1,000 gas stations in Eastern Canada, New England and Ireland, as well as wholesale and fuel-trading businesses. In addition, it operates the Canaport deep-water oil terminal on the north shore of the Bay of Fundy.
When Irving announced its strategic review, the fuel industry appeared to be in flux, as the automotive world geared up for what appeared to be a rapid transition to electric vehicles. But that shift has hit snags over the past year, as EV sales growth moderated.