Silverpeak to sell NARL to Irving Oil

Irving Oil, a Saint John, New Brunswick-based refining and marketing company, has agreed to acquire North Atlantic Refining Corp from Silverpeak.

Irving Oil, a Saint John, New Brunswick-based refining and marketing company, has agreed to acquire North Atlantic Refining Corp from Silverpeak. No financial terms were disclosed. NARL is a provider of fuel products to businesses and consumers across Newfoundland.

PRESS RELEASE

SAINT JOHN, NB and COME BY CHANCE, NL, May 28, 2020 /CNW/ – Canadian-owned Irving Oil and U.S. investment firm Silverpeak have signed an agreement for Irving Oil to acquire North Atlantic Refining Corp., subject to regulatory review and conditions of sale being met. The agreement includes a 135,000 bpd refinery located in Come By Chance, NL, and a network of retail sites and other marketing assets.

As a family-owned international refining and marketing company based in Atlantic Canada, Irving Oil has proudly served the people of Newfoundland and Labrador since 1950, providing a secure supply of energy to its customers across the province.

NARL enjoys a fully integrated market presence and well-established ties to the communities it serves. With its deep-water terminal location and a network of retail assets, including both company and dealer sites, North Atlantic provides a reliable supply of fuel products to businesses and consumers across Newfoundland.

Irving Oil would look forward to the opportunity to continue to provide a secure supply of energy to customers across the province.