New Brunswicks Irving Oil to remain privately held company: strategic review – New Brunswick [Video]

New Brunswick-based Irving Oil Ltd. has confirmed that the century-old company will remain privately held, after completing a strategic review that started in June 2023.

The company issued a statement Tuesday saying it had also appointed Jeff Matthews as the company’s new president and CEO. Matthews has worked with Irving Oil for the past 30 years, having served as chief financial officer and chairman of the executive management committee.

Last February, Matthews was put in charge of the strategic review after Ian Whitcomb announced he would be stepping down as president and CEO in June 2024. Among other things, the review looked into the possible sale of the company, which operates Canada’s largest oil refinery in Saint John, N.B.

When it opened in 1960, the refinery processed more than 40,000 barrels of crude oil per day. It now processes more than 300,000 barrels daily, and its products are sold across …