statement released Wednesday, the company said a review was underway, but that “no decisions have been made about where this strategic review may lead.”“Consideration will be given to a new ownership structure, a full or partial sale, or a change in the portfolio of our assets and how we operate them,” read the statement, which was signed by Arthur Irving, Ian Whitcomb and Sarah Irving.Arthur Irving is chairman of Irving Oil, Whitcomb is president, and Sarah Irving is the executive vice-president.The statement goes on to say that the company will evaluate options “in the coming months” but that they were focused on its team, customers and communities.Irving Oil, which was founded in 1924 by K.C.
Irving, has more than 900 gas stations and a network of distribution terminals. It also operates Ireland’s only refinery.Rob Moir, an associate professor with the University of New Brunswick’s faculty of business, said he was caught unaware by the announcement.“They tend to hold their cards close to their chest, and then make an announcement.
And this one certainly came that way,” he said.Moir said he wonders what the reason is behind the company’s move. However, he said because it’s a private company, it’s not open to scrutiny the way a publicly traded company would be.He pointed to the wildfires currently raging across the country even though the fire season has barely begun.“Climate change is a reality.
Fossil fuel companies — they don’t want to wake up to that reality, but it is a reality,” he noted.“Is it going to be that big a change if a fossil fuel company that focuses on fossil fuel has to change its operations?