Friday, July 24, 2009

Saint John Board of Trade understands decision by Irving Oil and BP

The Saint John Board of Trade understands the difficult decision made by Irving Oil and British Petroleum to suspend the investment in the Eider Rock refinery project announced today. The current global recession has already impacted other refining projects around the world.

“We are disappointed in this morning’s announcement that Eider Rock project will not be going through, however, we are positive that Saint John and the Province of New Brunswick will continue to develop our position as a regional Energy Hub and Gateway. We have significant foundational assets in our community to build upon including our existing refinery (the largest in Canada), Canaport LNG terminal (the first in Canada), the Brunswick Pipeline, and Point Lepreau Nuclear Generating Station” said Imelda Gilman, President of the Saint John Board of Trade.

The Board of Trade is pleased that Irving Oil will be investing in its largest Turnaround of the current refinery over the next two years and building their new headquarters at Long Wharf. This shows tremendous confidence by Irving Oil in our Energy sector and economy. The strong relationship forged by Irving Oil and British Petroleum over the past 18 months is positive and bodes well for future potential joint projects.

“As a Board of Trade we will continue to work on the community’s True Growth Strategy for our city and region to grow our Energy & Manufacturing, Health, ICT, Tourism and Retail sectors” continued Ms. Gilman.

“Although today’s announcement is disappointing, we are building excellent synergy in our city with the investment in the One Mile Highway Interchange, the Anglophone Medical School at UNBSJ, the recent investment by Aliant in Fibre to the Home, the new Cruise Terminal, the massive renovations and development in the retail sector, and the future development of Peel Plaza. Our economy has diversified greatly over the past decade” concluded Ms. Gilman.

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