Canadian Irving Oil Interested in Icelandic Companies Skip to content

Canadian Irving Oil Interested in Icelandic Companies

Representatives from the Canadian company Irving Oil are currently in Iceland meeting with the executives of Icelandic oil companies and familiarizing themselves with their operations. They might even invest in either N1 or Skeljungur (Shell Iceland).

gasstation-n1_pk

Photo by Páll Kjartansson.

Irving Oil was well ahead in plans on importing fuel to Iceland and operating fuel stations in the country 20 years ago. The company had been allocated lots for a supply center and gas station, Fréttabladid reports.

However, the three Icelandic oil companies, ESSO (now N1), Olís and Skeljungur joined forces in fighting off the competition. The Competition Authority later determined that the oil companies violated the laws on competition with their actions.

Currently, both the owners and the operation of N1 are heavily indebted. A financial reorganization is underway and claimants may take the company over this summer. It has also been discussed that N1’s owners will sell the company.

The owners of Skeljungur have also been selling some of their assets recently.

Irving Oil is a giant conglomerate in Canada and has been extensively involved both in the fuel sector and other sectors for decades. The Irving family is among the wealthiest in Canada.

Click here to read more about the case against the Icelandic oil companies.

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