Irving Oil Invests $100 Million in Saint John Refinery Upgrade

SEATTLE (Oil Monster): Irving Oil said on Thursday it plans to invest $100 million to upgrade a key crude oil processing unit at its 320,000 barrel-per-day Saint John facility in New Brunswick, Canada's largest refinery.

The refiner plans to increase the efficiency and reliability of its fluid catalytic cracking unit (FCCU), which produces refined products including gasoline and diesel. The refinery supplies fuel across markets in Atlantic Canada and the U.S. Northeast.

"As we build for the future, we do so with the knowledge of continued growth in demand for traditional energy products. This FCCU Revamp Project is an essential investment in energy security for all the regions we serve," Irving Oil CEO Jeff Matthews said in a press release.

The FCCU upgrade project will bring in approximately 675 skilled workers primarily from New Brunswick, the company said.

A company spokesperson did not immediately respond to questions about the project's timeline and impact on operations.

Courtesy: www.reuters.com