RE:RE:RE:RE:RE:RE:RE:Irving Oil purchasing Cenovus Oil This is a very good point. For all the perceived rush to buy limited assets that probably won't get green lighted to be built again, there doesn't seem to be a shortage of them on the market. I can however see your point of WRB being more valuable given the pipeline connections and heavy oil capacity. I wonder if the Irving assets could be used for feign disinterest in WBR leading PSX to apply a lower value. You did say that PSX has semi-committed to divesting about $3B worth of assets. I wonder how much they actually need that to happen?
The Whitegate refinery is interesting in that I recall Irving attempting to hold the Irish government's feet to the fire w/r to WFTs and threatening to shut the whole thing in. It seems the government called their bluff and the WFTs remain although are being challenged by NG producer VET in court in Ireland and by XOM in the EU. I also see that Whitegate has partnered with Simply Blue on the Island to attempt to produce low carbon energy alternatives like hydrogen and some offshore wind. The Irish and the EU in general seem quite serious about their producing low carbon energy and don't mind payig a slight premium for it. It could be a good way to gain valuable carbon credits while making a buck at the same time.
There certainly seems to be no shortage of options for moving forward including standing pat and organically expanding. I guess the big question is: What is the timeline and how critical is it for snapping up assets?
GLTY and all
ztransforms173 wrote: - the 50% NON-OWNED WRB refinery joint venture are the KEY ASSETS that CVE NEEDS to ACQUIRE on a PRIORITY BASIS
* WOOD RIVER Refinery is a JEWEL in the CROWN matching CVE BOP production with WR FEEDSTOCK CONNECTED DIRECTLY by PIPELINES
- IRVINE OIL Refinery is a LARGE VALUABLE DOWNSTREAM ASSET {including SUBSTANTIAL retail FOOTPRINT + SOLE refinery in IRELAND} with a PREVILIGED ACCESS to the LUCRATIVE US PADD 1 region that is NICE TO HAVE should the ACQUISITION PRICE be ATTRACTIVE
z173