� IRVING OIL ’ S ‘ STRATEGIC REVIEW ’ INCLUDES POSSIBLE SALE
Irving Oil is conducting a strategic review of the company and “ a series of options are being evaluated related to the company ’ s future ,” it said in a statement dated June 7 and posted on its website .
“ No decisions have been made about where this strategic review may lead ,” the company said . “ 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 .
Less than two weeks later , on June 19 , Algoma Central Corporation announced it placed an order with Hyundai Mipo Shipyard in South Korea to build two 37,000 DWT ice class product tanker vessels for a total investment of $ 127 million CAD . The new ships will be entered on long-term time charters to Irving Oil under Canadian flag , servicing the energy company ’ s refinery in Saint John , New Brunswick , with deliveries to ports in Atlantic Canada and the US East Coast .
“ Strategically unlocking diversified marine shipping opportunities and new partnerships form fundamental pillars that continue to drive our growth and success ,” said Gregg Ruhl , President and CEO of Algoma . “ With this investment , we will augment our fleet with a new asset class , expand the markets served by our Product Tankers segment and add an important new Canadian customer to our business . These vessels have been designed to support Irving Oil ’ s unique operational requirements and with a view towards optimizing the carbon requirements in these trades , now and into the future , possessing optionality for future methanol and shore power capabilities ,” concluded Mr . Ruhl .
“ We remain committed to providing a safe and secure supply of energy products to our customers ,” said Ian Whitcomb , President of Irving Oil . “ This investment highlights our company ’ s continued commitment to sustainable operations and ensuring the security of energy in the regions we operate .”
Delivery of the new vessels is expected during the first quarter of 2025 . Upon arrival in Canada , the vessels will be immediately deployed on the agreed time charter .
Algoma Central Corporation is a global provider of marine transportation that owns and operates dry and liquid bulk carriers , serving markets throughout the Great Lakes St . Lawrence Seaway and internationally . Algoma is aiming to reach a carbon emissions reduction target of 40 % by 2030 and net zero by 2050 across all business units with fuel efficient vessels , innovative technology , and alternate fuels . To learn more visit www . algonet . com .
Irving Oil is an international refining and marketing company . Founded in 1924 , Irving Oil operates Canada ’ s largest refinery in Saint John , New Brunswick , along with more than 900 fueling locations and a network of distribution terminals spanning Eastern Canada and New England . It also operates Ireland ’ s only refinery , located in the village of Whitegate .
In 2019 , Irving Oil expanded its presence in Ireland by acquiring Top Oil , a leading supplier of home heating oil , petrol and diesel fuel . Irving Oil established its European operations in 2014 with an office in London , England , and tankage in Amsterdam .
� SNEEC IN NEWPORT , RI : SEPT . 28-29
The seventh Southern New England Energy Conference returns to the Fall this year for petroleum marketers and industry vendors . It is co-sponsored by the Connecticut Energy Marketers Association , the Energy Marketers Association of Rhode Island , the Massachusetts Energy Marketers Association and the New York State Energy Coalition .
The conference is focused on education programs . Though not a trade show , it offers up to 28 vendor exhibits , which double as networking opportunities . For more information visit www . sneec . weebly . com .
� HAFFNER ’ S ACQUIRES HUHTALA OIL & PROPANE , AND CONCORD OIL
Haffner ’ s announced that it is expanded its presence in Massachusetts through two acquisitions , including Huhtala Oil & Propane , which has provided oil and propane delivery and HVAC services in Worcester County for over 75 years . Huhtala ’ s East Templeton office located at 198 Patriots Road , which also has a Mobil gas station with diesel offering , will begin operating under the Haffner ’ s name later this year .
Haffner ’ s also recently acquired Concord Oil which includes a gas station and convenience store located at 68 Central Street in Acton , Mass ., several bulk storage facilities located in Acton and Concord , and a home heating delivery and HVAC business that serves communities in Middlesex County .
Photo courtesy of Haffner ’ s .
“ Concord Oil and its employees are excited to be a part of the Haffner ’ s family ,” said Mike Whaley , owner of Concord Oil . “ Their culture of family , community and safety is what stood out to us and ensured they would not only take care of our people but carry on our reputation for reliable delivery and dependable service .”
The acquisitions “ expand our energy resources and offer customers a wider range of options through Haffner ’ s ,” said Jeff Black , owner and CEO of Haffner ’ s .
Haffner ’ s , based in Lawrence , Mass ., is one of the largest wholesale distributors of fuel in New England , offering brands including Mobil , Exxon , Citgo , Gulf and Sunoco while continuing to grow Haffner ’ s proprietary brand . Haffner ’ s Retail operates 71 gas stations , convenience stores , car washes and food service locations . The Haffner ’ s brand operates gas stations and car washes in Massachusetts , New Hampshire and Maine and distributes heating oil and propane while providing HVAC to some 45,000 customers in Massachusetts , New
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