July 2009
- Thread starter Ally
- Start date
- Joined
- Mar 24, 2009
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Irving Oil $8B Refinery put on Hold
SAINT JOHN, N.B.–BP and Irving Oil announced Friday they won`t be moving forward with a proposed second oil refinery in Saint John, N.B., due to global economic and industry conditions.
"It became clear, particularly over the past year, that the market conditions for refining have changed since BP and Irving Oil entered this memorandum of understanding," said Iain Conn, chief executive of BP`s refining and marketing business.
"We are, therefore, unable to move forward with an investment of this kind."
To complete the processes already underway, and to preserve future options in the event that market conditions return to previous levels, Irving said it will continue with the environmental permitting processes related to the proposed second refinery.
The proposed $8-billion project had already been put on a slower track.
Read the full article here.
SAINT JOHN, N.B.–BP and Irving Oil announced Friday they won`t be moving forward with a proposed second oil refinery in Saint John, N.B., due to global economic and industry conditions.
"It became clear, particularly over the past year, that the market conditions for refining have changed since BP and Irving Oil entered this memorandum of understanding," said Iain Conn, chief executive of BP`s refining and marketing business.
"We are, therefore, unable to move forward with an investment of this kind."
To complete the processes already underway, and to preserve future options in the event that market conditions return to previous levels, Irving said it will continue with the environmental permitting processes related to the proposed second refinery.
The proposed $8-billion project had already been put on a slower track.
Read the full article here.