Americas News
Irving Oil Receives Approval to Reopen Canadian Storage Terminal
Irving Oil has received approval to reopen its petroleum storage terminal in Nova Scotia, Canada, local media reports.
The facility was shut down over a decade ago, but it was speculated that the 2013 closing of Imperial Oil's refinery in the same city spurred Irving to form new plans for its terminal.
According to Irving Oil spokeswoman Samantha Robinson, the company had been "assessing options available to ensure safe and reliable supply for our valued customers."
“One option includes investing in existing assets, such as our Woodside facility," she said.
"If and when we move forward with a project in relation to this facility, community engagement will be a key part of our process.”
Roger McKnight, chief petroleum analyst for En-Pro International, said that Imperial Oil's departure from refining in the city was likely the catalyst for the decision.
“Imperial Oil is just basically pulling out of the market and Irving wants to ensure they have a supply of marine fuel for their customer base, both domestically and those coming in from offshore,” he said.
Irving may also be positioning itself in preparation for the Energy East pipeline project, which would deliver crude oil across the country from Alberta to New Brunswick, he added.
It was reported late in 2013 that the Imperial Oil refinery was set to to close, with plans of converting it into a storage terminal.
