Irving Oil Divests Ownership Interest In Canaport LNG

Irving Oil no longer has an ownership interest in the Canaport LNG facility in Saint John.

The company announced it has divested its 25 per cent ownership interest to the existing majority owner, Repsol SA.

In a statement, Irving Oil says it has been working with Repsol in recent months to finalize the transaction.

“Irving Oil extends its best wishes to Repsol for success in the future,” the company said.

“Confidentiality provisions prohibit Irving Oil from commenting further at this time.

Irving Oil partnered with Spanish energy and petrochemical company Repsol to develop the LNG facility, which began operations in 2009.

According to its website, Canaport LNG supplies 20 per cent of the natural gas needs of the northeastern U.S. and Canada.