Even as the dust is yet to settle two days following the revelation that Arthur and Sarah Irving had relinquished their reins of Irving Oil, the established family corporation had not ascertained the shift.
The community would stand to gain from official affirmation of such exit, yet the rationale behind the step remains veiled as puzzled onlookers unravel the decision. Nevertheless, indisputably, any consequential shift in the business would still be subject to the Irving family’s approval, given their full proprietorship of the firm.
David Campbell, previously the territorial chief economist, alongside many others, predicts a significant metamorphosis looming over the refinery. Campbell conjectures that a prospective transaction involving the company appears to be in the offing.
Their retreat from the helm of affairs arrived in the wake of the company’s June declaration that Irving Oil was launching a strategic review. This undertaking may potentially result in a complete or partial vend of several assets.
According to Campbell, Irving’s headquarters are a vital economic engine for Saint John, fueling high wage jobs, and nurturing the city’s economic landscape. However, the landscape might see significant changes, irrespective of the refinery’s future existence and operational status in the city.
David Coon, the Green Party leader was equally baffled with the unfolding shift in the corporation’s top management. He has vocalized his suppositions about the company’s potential sale, but hypothesizes it could be too early to say.
The national shift towards greener energy alternatives might have influenced Irving Oil’s management reshuffling. As Coon points out, it’s well within the realms of possibility that a forthcoming company could steer Irving Oil in a newer direction, more attuned to the realities of climate change.
A prospective transaction of Irving Oil, potentially worth billions of dollars, would presumably set an unmatched record for the province, leaving an enduring imprint on it. Campbell pondered whether the profit from a possible sale would be reinvested in Saint John and New Brunswick in budding sectors or diverted to global ventures.
Blaine Higgs, the Premier, and a longtime Irving employee, professed that he remains in the dark over the speculated transaction and has not yet sought further clarification from Irving officials.
Irving Oil, Canada’s largest crude refinery, currently employs over 4,000 individuals and operates nearly 900 retail gas stations across Atlantic Canada and New England.
Despite numerous attempts, Irving Oil has remained unresponsive to any inquiries from the media.
