By OGJ editors
HOUSTON, Oct. 16 -- Irving Oil Ltd., St. John, NB, confirmed that it is exploring the possibility of building a second refinery at St. John.
The project would be the first major refinery built in North America in nearly a quarter century and would be the largest private-sector investment in Atlantic Canada.
The new refinery could supply as much as 300,000 b/d of products to the US Northeast and would cost $5-7 billion to build.
Irving said it is conducting market, feasibility, environmental, and socioeconomic studies, including a site selection determination for a possible refinery.
Irving will continue to invest in its existing, 250,000-b/d refinery at St. John. That refinery, which is Canada's largest, supplies more than 75% of Canada's gasoline exports to the US and 19% of all US gasoline imports.
Irving expects to make a decision by early 2007 on whether to move forward with a permit application.