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Classified in: Oil industry

Irving Oil responds to TransCanada's decision to terminate Energy East pipeline project



SAINT JOHN, NB, Oct. 5, 2017 /CNW/ - This morning, Irving Oil's joint venture partner, TransCanada, announced it will be terminating the Energy East project as a result of changing circumstances around the project.

"We are disappointed with this decision," says Ian Whitcomb, President of Irving Oil. "This is a sad day for Canada. The construction of the Energy East pipeline was a once-in-a-lifetime opportunity. This was a $15-billion private-sector investment that would have enabled further investment and development in our country, creating thousands of skilled jobs and generous tax revenues and royalties for all levels of government along with creating energy security for our country."

Irving Oil has worked together with TransCanada on this project since it was first announced in 2013.

"We are proud of the hard work and commitment to the Energy East project shown by our employees and TransCanada over the last four years," says Whitcomb. "While this is not the result we hoped for, we will continue to drive our business forward to ensure a positive and prosperous future for our region, our communities and our company."

"Irving Oil wishes to thank the countless organizations, companies and individuals who supported this project and believed in its value for our country," says Whitcomb. "Given the potential benefits of this project for our nation, we believe the reasons for its demise should be carefully examined and discussed in an effort to protect and ensure a strong and secure Canadian economy in the future."

About Irving Oil

Irving Oil was founded in 1924 and is an international refining and marketing company with a history of long-term partnerships and relationships. Named one of Canada's Top 100 Employers in 2017, Irving Oil operates Canada's largest refinery, in Saint John, New Brunswick, which is located 65 miles north of the US border and has reached production rates in excess of 320,000 barrels per day. It also operates Ireland's only refinery, located at Whitegate in southern Ireland, with a capacity of 75,000 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. Learn more at facebook.com/irvingoil or www.irvingoil.com.

 

SOURCE Irving Oil


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