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Irving Oil consolidates north Atlantic refining with Come by Chance acquisition
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Report summary
On Thursday May 28th, Irving Oil announced plans to acquire the Come by Chance refinery from Silverpeak Strategic Partners. Irving intends to re-start the 135 kb/d refinery, currently idled amidst weak refined product demand due to the coronavirus outbreak. The transaction expands Irving’s North Atlantic refinery network to three plants, adding to their flagship Saint John refinery in New Brunswick and the Whitegate refinery in Ireland. We examine Irving’s motivations for the acquisition, including consolidation of refining capacity in the region, opportunities to leverage integration of their expanded refinery network, and potential to grow the retail and fuels marketing businesses in Canada and export markets.
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