2 days ago
Mayor says Irving Oil refinery investment welcome in Saint John
Saint John's mayor said he's pleased with Irving Oil's plan to spend $100 million on upgrades to its Saint John facility. It's a move the company said will ensure future growth for the nation's largest oil refinery.
Dubbed the FCCU Revamp Project, the multi-million-dollar investment in the refinery will maximize its performance, efficiency, and reliability. The modernization project is being privately funded.
'It's always good to get those sorts of investments,' said Mayor Donna Reardon. 'We have 325,000 barrels a day that are being refined, and that's that creates our GDP.'
Reardon said the upgrades like will improve refinery emissions and the overall environmental impact.
The privately-funded upgrade project will bring in roughly 675 skilled workers, primarily from Atlantic Canada, Irving said.
'Work will be completed in a phased approach over the summer and fall, beginning this month,' said a news release from Irving.
The tradespeople supporting the project will generate an estimated $3.5 million in direct and indirect economic spinoffs in New Brunswick, said the release.
'In addition, the total workforce hours on the project represent the equivalent of more than 140 annualized jobs,' the release said.
It wasn't long ago Irving's future in Saint John appeared uncertain. In 2023 the company underwent a strategic review that included a potential sale. The review was completed earlier this year reaffirming their commitment to Saint John.
President of Canadians for Affordable Energy Dan McTeague said the investment by the oil giant leaves no doubt where Irving's future will be.
'Making a decision of that magnitude means that Irving is serious, not just about getting oil from certain places, but now it can pretty much access oil from anywhere around the world from light to heavy oil,' McTeague said.
With Canadians focused on producing more energy within the country, McTeague said the upgrades will help Irving Oil position itself for the future, even if it includes pipelines.
'Our bread and butter really relies on the viability of the oil and gas sector,' said McTeague. 'If we can produce it and sell it to the rest of the world, as we are doing with the United States, as we are doing with eastern Canada, that could only mean a greater potential in terms of turning things around and making Canada that much more attractive for, not just domestic, but also foreign investment.'
McTeague said the upgrades could attract more foreign investment and help strengthen the Canadian refinery was established in 1960.
With files from CTV's Sean Mott.
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