New Canadian Refinery to Supply 4.6% of US Oil Demand

Irving Oil's new refinery in St Johns, New Brunswick is set to supply almost 4.6% of present US refine products demand when completed.

Presently under EIA reviews and approvals, the refinery which is estimated to cost anywhere near $US7 Billion will be constructed near Canada's largest existing refinery.

Named Project Eider Rock, the refinery comes as step to satisfy increasing US energy demands. A number of US refineries have almost reached their peak production and lifetime and are on the decline or at the end of their lifecycle.

Canada is by far the largest exporter of products to the United States if Oil and Gas are both taken into consideration. The United States imports majority of its energy fuels from Canada, Venezuela, and the Middle East.