24 July 2009 18:02 [Source: ICIS news]
TORONTO (ICIS news)--Canada’s Irving Oil and partner BP will not proceed with a proposed 300,000 bbl/day refinery project in the country’s eastern New Brunswick province because of the difficult global economic and industry conditions, the companies said on Friday.
An 18-month feasibility study concluded that the project was not viable at a time of global economic recession and dampening forecasts for oil product demand in ?xml:namespace>
Irving Oil first said in 2006 it was studying a new export refinery project at
In early 2008, Irving signed a memorandum of understanding with BP to jointly study the project.
In related news, Shell said this month it planned to close or sell its 130,000 bbl/day refinery in
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